Telefonica launches major reorg, aims for $2.05B in cost savings

Telefonica (TEF -0.5%) plans to integrate its European, Latin American, and digital units at its Madrid HQ, and to create the new position of chief commercial digital officer.

As part of the shakeup, Latin American chief Santiago Fernandez Valbuena will become Telefonica's strategy chief and join the company's board. COO Jose Maria Alvarez-Pallete's responsibilities will be greatly expanded.

Telefonica hopes the reorg will produce €1.5B ($2.05B) in cost savings.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs