Cesar Alierta, president of Telefonica, leaves his office after 15 years. The announcement was made by the telecommunications company listed on the Madrid Stock Exchange. The manager will be replaced by the deputy, Jose Maria Alvarez-Pallete, managing director of Telefonica since 17 September 2012 and member of the company's board of directors since July 2006.
It was Alierta himself who proposed the appointment of his number two to the presidency of Telefonica. Alierta was named president of the telecommunications group in July 2000, replacing Juan Villalonga. The change at the top of Telefonica takes place at a particular moment, with the group this year focusing on the new industrial plan up to 2020. Alierta, however, he will remain on Telefonica's board for the next four years.
Telefonica's board of directors will examine the appointment of Alvarez-Pallete at the meeting scheduled for April 8th. The manager will technically be the new executive chairman.
