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Jos Mara lvarez-Pallete reaffirms Spanish operator’s targets, including dividend payment.
Telefonica’s board of directors on Friday approved the appointment of José María Álvarez-Pallete as the company’s new leader.
The Spanish incumbent’s long-serving executive chairman César Alierta announced his retirement last week after close to 16 years at the helm. He named chief operating officer Álvarez-Pallete as his replacement, pending board approval.
The telco’s directors voted unanimously in favour of the appointment, Telefonica said.
The new chief executive’s first act was to ratify the growth strategy and targets Telefonica unveiled earlier this year, including its commitment to pay a €0.75 dividend to shareholders this year.
"José María Álvarez-Pallete is the best-prepared and most valuable executive to face the newest challenges of the digital market," Telefonica said in a statement, echoing comments made last week by Alierta.
The new leader will also chair Telefonica’s board, which will welcome four new independent directors: Ignacio Cirac, Javier Echenique, Sabina Fluxà, and Peter Löscher.
They replace four long-serving board members – Fernando de Almansa, Carlos Colomer, Santiago Fernández-Valbuena and Alfonso Ferrari – all of whom stepped down voluntarily, Telefonica said.
