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

|About: Telefonica S.A. (TEF)|By:, SA News Editor

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.