Telefónica board backs agreed transfer of powers


Details

Juan Fernandez Gonzalez

| 11 April 2016




Jose María Álvarez-Pallete has been confirmed by Telefónica’s board of directors as César Alierta’s replacement.


alvarez palleteIn a unanimous decision, the executive was appointed as chairman of the company as well as chairman of the board of directors and the executive commission.

Álvarez-Pallete takes up the position following 17 years in several top executive positions, including the executive chairman of Telefónica Latin America and right-hand man to Alierta.

The 52-year-old executive will build on the telco’s goals and strategy with a new board, following the voluntary resignation of four of its members: Fernando de Almansa, Carlos Colomer, Santiago Fernández-Valbuena and Alfonso Ferrari.

Four new independent directors will join the board: Ignacio Cirac (Quantum Optics), Javier Echenique (former GM of BBVA Group), Sabina Fluxà (CEO of the Iberostar Group), and Peter Löscher (former president and CEO of Siemens Group).

All four board members as well as Álvarez-Pallete will have the task of maintaining Telefónica’s position as one of leading telecom companies in the world following Alierta’s resignation after 16 years as president of the telco.