- Telefonica (NYSE:TEF) is up 2.8% early today, after naming Jose Maria Alvarez-Pallete as its new chairman and CEO to follow up on Cesar Alierta's long reign atop the company.
- Pallete is the first chief executive at the company not named by Spain's government. Alierta announced a surprise resignation last week after 16 years leading the firm.
- Pallete has been with the company since 1999 and became COO in 2012; his appointment is effective immediately.
- The board also nominated four new members: Ignacio Cirac, Javier Echenique, Sabina Fluxa and Peter Loscher.
- Now read Telefonica Dividend Reliant On EU Politics Following Mixed Q4 2015 Results »