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Telefónica revamps board, adds more women

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Telefónica revamps board, adds more women

Telefónica SA appointed more women to its board as part of a revamp.

The Spanish telecom operator named Claudia Sender Ramírez and Verónica Pascual Boé as independent directors, replacing Wang Xiaochu and Luiz Fernando Furlán who voluntarily resigned. The appointments were made in compliance with the recommended 30% threshold for female board members.

Telefónica's board also appointed José Javier Echenique Landiríbar as lead independent director and chairman of the nominating, compensation and corporate governance committee. He will become one of the board's three vice chairmen. Meanwhile, Peter Löscher will chair the board's audit and control committee, effective Feb. 19, 2020.

Furthermore, the board renamed its service quality and customer service committee as the sustainability and quality committee, to be chaired by Francisco Javier de Paz Mancho as an external director. The committee will expand its responsibilities to include matters on reputation, corporate responsibility and sustainability, which were held by the regulation and institutional affairs committee. The board also approved changes to the composition of four out of its five committees.

Telefónica's board will still have 17 members, led by José María Álvarez-Pallete López as chairman and CEO.