January 20, 2025 08:14 GMT
COMMUNICATIONS: Telefonica CEO Replaced
COMMUNICATIONS
TELEFO Baa3/BBB-/BBB Curve Steady
Difficult to assess the impact though this would appear to make changes to strategy/guidance more likely. Equity making a move lower on the news. Noting no track record in telecom by the incoming CEO. Spreads steady thus far.
- Telefónica has replaced chair/CEO José María Álvarez-Pallete with Marc Murtra citing shareholder demands for leadership aligned with the company's new shareholding structure and ownership.
- Marc Murtra, previously Executive Chairman of Indra Sistemas, a technology and consulting firm focusing on defence, transport, IT services, and digital transformation.
- “In view of the Telefónica’s new shareholding structure and that some of its relevant shareholders have expressed the convenience of embarking on a new stage in the executive chairmanship”.
- FT reporting that the Spanish gov’t had a decisive role in the move; noting that the gov’t has taken a 10% stake in Telefonica to counteract the influence of the 9.9% stake taken by Saudi Arabia’s STC.
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