REG - Telefonica SA - New organizational structure <Origin Href="QuoteRef">TEF.MC</Origin>

Telefonica SAAnnouncement

01/02/2018 07:55

RNS Number : 6007D
Telefonica SA
01 February 2018
TELEFNICA, S.A. as provided in article 228 of the Spanish Stock Market Act (Ley del Mercado de Valores), hereby reports the following
SIGNIFICANT EVENT
The Board of Directors of TELEFNICA, S.A., at its meeting held today, and upon favourable report from the Nominating, Compensation and Corporate Governance Committee, has resolved to adopt a new organizational structure in order to make the Company more agile, simple and focused on management, customer service, growth, efficiency and profitability.
The main changes are detailed below:
- The areas of General Counsel, and Public Affairs and Regulation, up until now led by Mr. Ramiro Snchez de Lern and Mr. Carlos Lpez Blanco respectively, will be unified and headed by Mr. Pablo de Carvajal.
- Mr. Emilio Gayo will replace Mr. Luis Miguel Gilprez as Executive Chairman of Telefnica Espaa and member of the Executive Committee of Telefnica, S.A.
- Telefnica Hispanoamrica, until now headed by Mr. Eduardo Caride (also a member of the Executive Committee), will be split into two new units in order to more effectively manage the different market situations: 
  Telefnica Hispam Sur unit is created (encompassing operations in Argentina, Chile, Peru and Uruguay), which will be led by Mr. Bernardo Quinn (until now Director of Global Human Resources).
  Telefnica Hispam Norte unit is created (encompassing the operations in Colombia, Mxico, Central America, Ecuador and Venezuela), which will be led by Mr. Alfonso Gmez Palacio.
- The area of People (Human Resources) is enhanced and will report directly to the Executive Chairman. This area will be led by Ms. Marta Machicot, who will join the Executive Committee.
Telefnica, S.A. highly appreciates the effort, dedication and commitment demonstrated by all of the outgoing executives during many years of service in positions of responsibility within the Group.
Madrid, January 31, 2018

This information is provided by RNS
The company news service from the London Stock Exchange
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