José María Álvarez-Pallete, new president of Telefónica

César Alierta's successor has ratified Telefónica's growth strategy and the commercial and financial objectives announced to the market last February.

The Board of Directors of Telefónica, at its meeting held this Friday, unanimously approved the appointment of José María Álvarez-Pallete as executive president of the company, of its Board of Directors and of the Delegate Committee.

During his first intervention as president, Álvarez-Pallete has ratified Telefónica's growth strategy and the commercial and financial objectives announced to the market last February. These include an express commitment to shareholders through an attractive remuneration policy, which in 2016 includes the distribution of a dividend of 0.75 euros per share.

José María Álvarez-Pallete becomes president of Telefónica after 17 years in management positions, which have taken him from the general direction of Finance to the position of CEO, passing through the Presidency of Telefónica Latin America and Telefónica Europe (including Spain).

In the words of his predecessor, César Alierta, whom the Board and its new President have thanked for his vision and leadership, which have positioned Telefónica among world leaders, José María Álvarez-Pallete is the best prepared and most valuable professional to face the new challenges of the digital market.

And it will do so with a renewed Board of Directors, after the voluntary resignation of four members with extensive experience in the highest management body. These are Fernando de Almansa, Carlos Colomer, Santiago Fernández-Valbuena and Alfonso Ferrari. All of them have received deep recognition for their contributions and the independence that has guided their actions and has favored an always constructive debate.

The Board has also appointed four independent directors: Ignacio Cirac, Javier Echenique, Sabina Fluxà and Peter Löscher.