Telefonica replaced Jose Maria Alvarez-Pallete with Indra’s Marc Murtra as executive chair of the company, saying some of its shareholders wanted change.

The Board of Directors agrees on the orderly renewal of the Company´s Chairmanship, to adapt it to its new shareholding structure.

Spanish carrier Telefónica has named Marc Murtra as its new executive chair over the weekend. Murtra will replace José María Álvarez-Pallete, who has held the position since 2016.

Spanish telecom giant Telefonica's board agreed on Saturday to terminate Chief Executive Jose Maria Alvarez-Pallete's contract and appoint Indra's chairman Marc Murtra to replace him, the company said in a filing to the stock market regulator.

An emergency meeting of the company's board elected Catalan businessman Marc Murtra to replace Jose Maria Alvarez-Pallete.

Telefonicas board has appointed Indra chairman Marc Murtra as its new CEO, replacing Jose Maria Alvarez-Pallete at the request of Spains state-owned investment fund SEPI. The decision, made during an extraordinary

Spanish telecom giant Telefonica's board agreed on Saturday to appoint defence company Indra's chairman Marc Murtra as its new CEO, replacing Chief Executive Jose Maria Alvarez-Pallete following a request from state-owned fund SEPI.