In a statement, Telefonica said that the replacement is in line with the agreement made in the creation of the joint venture between Virgin Media and O2.
This agreement states that the chairman of the board will rotate every two years between the two companies.
Álvarez-Pallete has been CEO of Telefonica since April 2016, having previously served as managing director of the company.
In November 2022, he was re-elected as President of the GSMA and will hold the position until the end of 2024.
