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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.
  • Press release, Telefonica's new org chart (.pdf)
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