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Telefonica's board has appointed Indra chairman Marc Murtra as its new CEO, replacing Jose Maria Alvarez-Pallete at the request of Spain's state-owned investment fund SEPI. The decision, made during an extraordinary board meeting, awaits shareholder approval. Alvarez-Pallete, who led Telefonica since 2016, was due for term renewal at the upcoming annual general meeting.
SEPI’s proposal reflects the government’s strategic interest in Telefonica, deemed a critical defense service provider. The Spanish government acquired a 10% stake in Telefonica for €2.3 billion in May 2024, balancing Saudi Arabia’s STC's similar acquisition in 2023. The government secured its board presence before approving STC’s stake in November 2024.
Murtra’s leadership at Indra, where the Spanish government holds a 28% share, emphasized defense and aerospace amid rising European military budgets. His appointment suggests a potential focus on aligning Telefonica’s strategy with national interests.
Telefonica has faced growing financial pressure from intense competition and substantial 5G infrastructure investments. To support these advancements, the company has been selling assets, including stakes in submarine cables, mobile masts, and smaller Latin American operations.
This leadership transition marks a significant phase for Telefonica as it navigates the evolving telecommunications landscape and seeks to strengthen its position as a strategic industry player.
