Murtra's Telefónica: a year of revolution at the top

MadridMarc Murtra's arrival at Telefónica almost a year ago It caused quite a stir, and not only because it was officially announced on a Saturday morning after the news leaked to the media. It also meant the departure of José María Álvarez-Pallete, who had been at the helm of the company since 2016. This change was driven by the Spanish government – which holds 10% of the share capital through SEPI – and it didn't raise any eyebrows at CriteriaCaixa, the other major shareholder. telecom with 10% of the share capital.

Once Murtra was inside, a gradual revolution began at the top, culminating recently with the change in leadership at the company's finance department, with the appointment of Juan Azcue as director of finance and corporate development and Ernesto Gardelliano as director of 'Ernesto Gardelliano'. This same week, a last-minute change was added: the voluntary departure of Andalusian businessman Rosauro Varo, a member of the board of directors of Movistar+ and the advisory board of the subsidiary Telefónica España, as previously reported. The Confidential And sources familiar with the process have confirmed to ARA. The resignation has generated some media attention because he is one of the company's largest individual investors—and assets.

While there has been media surprise, there has been no surprise within the telecom company. Varo had already been discussing his voluntary resignation from all his responsibilities at Telefónica with Murtra and the president of Movistar+, Javier de Paz, for several days. He joined Telefónica in May 2023 under the presidency of José María Álvarez-Pallete. In fact, the "good friendship" between Varo and Pallete is well known, as the Andalusian businessman acknowledged in a post on his social media when the former president of Telefónica was dismissed in January 2025.

Varo has explained his decision to leave the telecom for professional reasons. In a letter sent to the media, he explains that he wants to dedicate more time to his business projects, which are primarily related to real estate and leisure activities through his holding company, GAT Inversiones. He is currently also a board member of Acciona Energia, the Entrecanales family company, and holds a significant stake in Cabify. He has also held positions on the highest decision-making bodies of Grupo Prisa, the newspaper The Country or the digital The Spanish.

Chair changes at Movistar+

For now, his departure has not yet been officially announced by the company, and Telefónica has not decided who will replace him. In any case, the core of Movistar+ is changing from top to bottom at a time when, like the telecom Overall, it seeks to transform itself. One of the challenges facing Telefónica under Marc Murtra is to strengthen its position in content and entertainment, and that's why it aspires for this platform to be a production machine

In this area of the business, the last year has been marked by the appointment of Javier de Paz, known for his close ties to the PSOE (Spanish Socialist Workers' Party), at least in the past, as president. Also noteworthy is the appointment of Daniel Domenjó as CEO. In fact, of all the members of the pay-TV platform's board of directors, the only person remaining from the previous Murtra era is María Yolanda Barcina Angulo. The rest of the members were chosen this year. Among the new faces, Andoni Ortuzar, former president of the PNV (Basque Nationalist Party), and the newest member of the Movistar+ board of directors, has garnered the most attention. His appointment has not been without criticism due to his political background.

New management team

As for Telefónica's management team, changes began shortly after Murtra's arrival. Initially, he decided to closely align himself with Emilio Gayo, who has been CEO since last March. Gayo was already familiar with the company, having led Telefónica Spain's business, a market where the company now wants to focus its efforts, as well as in Europe. He was replaced by Borja Ochoa, whom Murtra recruited from Indra, the company he chaired before joining Telefónica. He also decided to recruit from Banc Sabadell, appointing Álvaro Echevarría, until just over a year ago the bank's deputy general manager, as his chief of staff. At the top, however, the most recent change has been in the finance department. Laura Abasolo has been replaced by Juan Azcue, whose strong financial background is noteworthy. The new head of finance... telecom has Ahead lies the challenge of improving the numbers: taking on cost reductions, as well as completing the withdrawal in Latin America.

But this restructuring also meant the departure of the presidents of the most important subsidiaries. The change at the Spanish subsidiary was followed by a similar move at the German subsidiary, as well as at Telefónica Tech, where Sofía Collado has assumed leadership, and at Telefónica Infrastructure. Meanwhile, a host of new names have taken over the behind-the-scenes roles: Ernesto Gardelliano has been appointed Director of Strategy and Control; Pablo de Carvajal, Secretary General and Regulatory Affairs; and Andrea Folgueiras, Head of Technology and Information.