In a significant leadership transition, Telefónica has appointed Marc Murtra as its new executive chairman, succeeding José María Álvarez-Pallete, who led the company for nearly nine years. This decision, made during an extraordinary board meeting in Madrid, was proposed by the Sociedad Estatal de Participaciones Industriales (SEPI), the Spanish state-owned industrial holding company and Telefónica’s largest shareholder. The appointment received unanimous support from other major stakeholders, including CriteriaCaixa and BBVA, as well as independent board members.
Marc Murtra, a 52-year-old engineer born in Blackburn, England, and raised in Catalonia, brings a diverse background to his new role. He holds an industrial engineering degree from the Technical University of Catalonia and an MBA from New York University’s Leonard N. Stern School of Business. Prior to this appointment, Murtra served as the executive chairman of Indra, a Spanish defense and technology firm, since 2021. His career spans both public and private sectors, including roles such as director general of Red.es and chief of staff to the Minister of Industry.
The leadership change aligns with Telefónica’s evolving shareholder structure, notably following the acquisition of a 9.97% stake by Saudi Telecom Company (STC) in 2024. This move has prompted a strategic realignment within the company. Under Álvarez-Pallete’s tenure, Telefónica’s stock experienced a decline of approximately 50%, intensifying calls for a strategic overhaul. Murtra is now tasked with revitalizing the company’s market position and steering it towards growth in an increasingly competitive European telecommunications landscape.
The Spanish government has expressed support for this transition, emphasizing the importance of Telefónica as a strategic national asset. The collaboration between SEPI, STC, and other key shareholders aims to strengthen the company’s position in critical areas such as cybersecurity and artificial intelligence. Murtra’s appointment is seen as a step towards enhancing Telefónica’s competitiveness and ensuring its leadership in the rapidly evolving tech sector.
As Murtra assumes leadership, he faces the challenge of reversing the company’s financial downturn and navigating the complexities of an internationalized shareholder base. His extensive experience in both governmental and corporate roles positions him to drive strategic initiatives that could redefine Telefónica’s trajectory in the global telecommunications industry.
