The Spanish carrier said that the decision by outgoing COO Julio Linares, who had more than 40 years of continuous service at the company, to terminate his executive responsibilities led executive chairman César Alierta to propose a number of changes in senior management to the board.
The changes come at a time when Telefónica is looking to reduce its significant debt pile through asset sales and restructuring.
Telefónica said that the reshuffle was taking place “in order to set up an organisational structure which will be stable over time and ready to compete internationally with guaranteed success in a highly demanding environment.”
Linares will be replaced by José María Álvarez-Pallete, who was head of European operations at the carrier.
Member of the board, Eva Castillo, has been appointed chairwoman and CEO of Telefónica Europe in his place while maintaining her board position.
Elsewhere Santiago Fernández Valbuena, chairman and CEO of Telefonica Latin America, has joined the board of Telefónica while maintaining his executive responsibilities. He replaces Sir David Arculus, who is leaving for personal reasons.
The appointment of Eduardo Navarro, director of strategy and alliances of the company, as a member of the executive committee of Telefónica was also approved. Linares will continue on the board as third VP in a non-executive capacity.
