José María Álvarez-Pallete replaced with defence executive Marc Murtra after Gulf kingdom’s STC becomes shareholder
Telefónica’s board has pushed out its long-standing chair José María Álvarez-Pallete in a dramatic move that follows the arrival of Saudi Arabia’s STC as a shareholder in the Spanish telecoms group. Telefónica announced on Saturday that it had fired Álvarez-Pallete and replaced him with defence executive Marc Murtra “in view of the company’s new shareholding structure” and the desire of some shareholders for a “new stage” in leadership.
However, as Saudi sovereign wealth fund PIF sought quick growth as part of the kingdom’s strategy to diversify its economy in recent years, STC has begun to look for opportunities to expand beyond its core market in the Gulf region where they operate telecoms in Kuwait and Bahrain in addition to Saudi Arabia. Tawal, an STC subsidiary, acquired tower infrastructure worth €1.22bn from United Group in 2023 for assets in Bulgaria, Croatia and Slovenia.
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