Telefónica has issued an official statement this Saturday to announce the appointment of Marc Thomas Murtra Millar, until now executive president of Indraas the operator's new executive president after the dismissal of José María Álvarez-Palletewho leaves his position on the Board of Directors after a long career in the company. The operator has explained that the Board of Directors met today to make a series of agreements, with the favorable report of the Appointments, Remuneration and Good Governance Committee, «in view of Telefónica's new shareholding structure and that Some of its relevant shareholders have expressed the convenience of undertaking a new stage in the Executive Presidency«First of all, the company has agreed to the «orderly renewal» of the Presidency «to adapt it to the new shareholder structure.» Likewise, the highest executive body of Telefónica has approved the resolution of the Álvarez-Pallete contract as executive president of the Board of Directors, and has asked him to resign from his position as director.
The Board of Directors of Telefónica has asked Álvarez-Pallete to resign
«Alvarez-Pallete, In response to this request, he has submitted his resignation as directorwhich has been accepted by the Board of Directors in that same act. The Board of Directors has unanimously expressed its utmost gratitude to José María Álvarez-Pallete for the years of work and collaboration with the Telefónica Group and, especially, for the many services provided and for his extraordinary effort, dedication and contribution during his long professional career in the group», states the statement. In the same act, the Board of Directors has approved the appointment of Marc Murtra Millar as executive director of the company, also naming him executive president of the Board of Directors and delegating all its delegable powers to it, for its exercise on a joint and several basis. He until now executive president of the Board of Directors of Indra He was also appointed to that position by the Government in 2021, replacing Fernando Abril-Martorell, in a movement that It also generated a lot of controversy. The Executive, through SEPI, owns 28% of Indra.
A RELEASE MARKED BY SHARE MOVEMENTS
The change in the presidency of Telefónica is framed in a context marked by the incorporation of new actors to its Board of Directors, such as the Saudi operator STC. In September 2023, STC surprised the market by acquiring close to 10% of Telefónica in an operation valued at 2.1 billion euros, which triggered important movements in its shareholding structure.
Murtra was also appointed by the Government to replace Abril-Martorell in 2021 at the head of Indra, in a move that also generated a lot of controversy.
In this context, at the end of last May, SEPI reached 10% of Telefónica's share capital after an investment of close to 2,285 million euros. This movement was motivated by the operation of STC, which could also request a seat on the operator's Board of Directors. As SEPI moved forward in consolidating its participation in Telefónica, the company's Board of Directors unanimously decided, on May 8, to accept the «voluntary resignation» of Carmen García de Andrés as a director. In his place, and through the cooptation procedure, a Carlos Ocaña Orbiswho now occupies a position in the highest decision-making body of Telefónica representing the SEPI. In this sense, from the Government The possibility of SEPI increasing its participation in Telefónica has not been ruled out to qualify for a second advisor.
