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Telefónica executive chairman to step down

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Telefónica executive chairman to step down

TelefónicaSA Executive Chairman César Alierta is stepping down after holdingthe post since 2000, according to a March 29 news release.

Alierta will remain on Telefónica's board and retain his positionas executive chairman of the telco's charitable arm Fundación Telefónica.

The Spanishoperator's board will evaluate Alierta's proposal to appoint COO José MaríaÁlvarez-Pallete as the next executive chairman in an April 8 meeting.

Álvarez-Pallete has also been a member of Telefónica's boardsince 2006. Among his previous posts were group CFO and executive chairman ofTelefónica Europe.