Telefónica renews its management leadership

José María Álvarez-Pallete will be the new CEO while the presidency of Telefónica in Europe will be assumed by Eva Castillo. Santiago Fernández Valbuena, president of Telefónica Latin America, joins the company's Board of Directors

The personal decision of the until now CEO of Telefonica, Julio Linares, to end his executive responsibilities in the company after more than forty years of uninterrupted service to it, has led its president, César Alierta, to propose to the Board of Directors a series of changes at the top, which configure an organizational structure stable over time and prepared to compete internationally with guarantees of success in an environment of maximum demand.

The Board of Directors of Telefónica, meeting yesterday in an extraordinary session, decided to unanimously approve the president's proposal and consequently appoint José María Álvarez-Pallete, until now responsible for operations in Europe, as the new CEO and Chief Operating Officer (COO) of the company. To replace him at the head of this region, and with the same position, Eva Castillo, until today a member of the Company's Board of Directors, has been appointed president of Telefónica Europe, while maintaining her position on the Telefónica Board.

On the other hand, Santiago Fernández Valbuena, president of Telefonica Latin America, has been co-opted, maintaining his current executive responsibilities, to the board of Telefónica. replacing David Arculus, who is leaving for personal reasons, continuing to be actively linked to the Group through his membership on the Telefónica Europe Board.

Julio Linares will continue on the Board as Third Vice President, without an executive capacity.

The Board also approved the appointment of the Brazilian Eduardo Navarro, director of Strategy and Alliances of the Company, as a member of the Executive Committee of Telefónica.