REG - Telefonica SA - TEF- Changes in the Board of Directors <Origin Href="QuoteRef">TEF.MC</Origin>

Telefonica SAAnnouncement

29/03/2016 13:10

RNS Number : 4124T
Telefonica SA
29 March 2016
TELEFNICA, S.A. ("TELEFNICA"), in accordance with the provisions of Article 228 of the Securities Market Act, hereby issues the following 
SIGNIFICANT EVENT
See Press Release attached
Madrid, 29 March 2016.
NOTA DE PRENSA
PRESS RELEASE
Telefnica puts in place a smooth transition after almost 16 years of management by the current Executive Chairman, a period in which the company has become leader in its key strategic markets in Europe and Latin America.
CSAR ALIERTA ENDS HIS TENURE AS EXECUTIVE CHAIRMAN OF TELEFONICA AND WILL PROPOSE THE APPOINTMENT OF JOS MARA LVAREZ-PALLETE TO THE BOARD OF DIRECTORS 
Alierta will remain in the Board of Directors and maintain his position as Executive Chairman of Fundacin Telefnica
lvarez-Pallete will step-in as Executive Chairman bringing huge experience and a long tracked-record of 17 years in Telefnica's top management positions, including over 3 years as Chief Operations Officer under Aliertas' presidency 
Madrid, 29 March, 2016.- Telefnica's Board of Directors will analyse the appointment of Jos Mara lvarez-Pallete as the new Executive Chairman of the Company in its next meeting to be held on the 8th of April. The proposal has been made by the current Chief Executive, Csar Alierta, who considers lvarez-Pallete as the best prepared executive to face the challenges arising from the digital revolution. 
Alierta will remain in the Board of Directors of Telefnica, a position he holds since 4 years previous to his appointment as Executive Chairman, and will also put his focus on social projects aiming for progress, such as Digital Education, and on the Executive Chairmanship of Fundacin Telefnica. 
Under Aliertas tenure, Telefnica has moved from being a relevant player in the telecommunication sector in Spain and Latin America to becoming leader in its key strategic markets: Brazil, Germany, Spain and Latin America.
Alierta has placed Telefnica at the forefront of telecommunications globally. Under his management, the company stepped ahead of rivals and set the trend with strategic decision making such as the amortization of the UMTS licenses or the creation of Telefnica Digital. 
Over 3 years ago, in 2012, Csar Alierta designated Jos Mara lvarez-Pallete as Chief Operating Officer, thus starting a process which will conclude on the 8th of April with lvarez-Pallete appointment as the new Executive Chairman. 
Jos Mara lvarez-Pallete, was born in Madrid in 1963 and holds a degree in Economics from Complutense University of Madrid and from the Universit Libre in Belgium. He completed the International Management Programme (IMP) at the IPADE and holds a diploma in Advanced Studies at the Complutense University of Madrid. 
 lvarez-Pallete joined the Telefnica Group in February 1999 as CFO of Telefnica Internacional after having worked in CEMEX. Months later, he assumed the responsibility of the corporate finances as Telefnica's CFO. 
With the arrival of Alierta to the presidency in 2000, lvarez-Pallete remained CFO until 2002 when he was appointed Executive Chairman of Telefnica Internacional. After that he became Chairman of Telefnica Latinoamrica, a position he occupied until he was appointed Executive Chairman of Telefnica Europe in 2011. One year later he became Chief Operating Officer of Telefnica S.A. lvarez-Pallete sits in the Board of Telefnica S.A. since July 2006. 
With his long track-record in top executive positions at Telefnica and experience managing the day to day of all Operations from his current post as COO of the Company, Alierta considers lvarez-Pallete as the best prepared executive to make a smooth transition and position Telefnica once again at the forefront, this time, of the digital sector. 

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