
The board of directors at Telefónica have appointed Marc Murtra as the Spanish telco’s new CEO.
In a statement, Telefónica said the move was necessary as part of changes in the company’s shareholder structure. Its after approval was give to Saudi Telecom Company for its acquisition of 9.9% in the telco.
The Financial Times reported that the Spanish government had played a pivotal part in the management change. The government is now the largest shareholder in Telefonica with a 10% holding.
According to the FT, José María Álvarez-Pallete López was told on Friday that he was being replaced. The board met on Saturday with Murtra then appointed Executive Chairman of Telefónica.