Telefonica Fires CEO Alvarez-Pallete

Telefonica CEO Jose Maria Alvarez-Pallete Left the company after almost nine years in charge. His successor will be the former executive chairman of Indra Group Marc Murtra.

The decision to terminate Alvarez-Pallete’s contract was taken during a board meeting on 18 January, held given the company’s new shareholding structure and after some shareholders indicated a desire for a new stage in the executive chairmanship. At the meeting, Alvarez-Pallete also met a request to resign as a director.

The move comes in the wake of a significant shake-up of the company’s shareholding. stc Group was approved to hold almost 10% shares in late 2024, while the Spanish state increased its stake over the past 12 months. In a statement, Telefonica thanked the former chief for the extraordinary effort, dedication, and contribution during his long professional career. Alvarez-Pallete took charge in April 2016, having joined the company in 1999.

The former CEO said it had been a great honor to lead the company. “Leadership is a journey that, like life itself, is made up of countless chapters. The one that is now beginning, I have no doubt, will be full of opportunities that will allow Telefonica to reach new heights and achieve new successes,” he added.

Along with leading Telefonica, Alvarez-Pallete has served as chair of the industry association the GSMA since 2022. In a statement following his departure from Telefonica, the GSMA said he had been instrumental in leading engagement around Open Gateway in the industry and much more. “The GSMA is working through the implications, including the process of appointing a new board chair.”