Overview
- Installed after a government-backed shake-up supported by Criteria and STC, Marc Murtra reshaped governance with SEPI-linked influence, naming Carlos Ocaña vice-chair and adding politically connected directors such as Andoni Ortuzar.
- Murtra’s Transform & Grow plan refocuses the group on Europe, simplifies the perimeter, tightens financial discipline with a roughly halved dividend, and contemplates potential equity financing to support acquisitions as reported.
- Telefónica accelerated exits from Latin America, closing sales in Argentina, Peru, Uruguay and Ecuador, advancing the departure from Colombia, and continuing sale processes in Chile, Mexico and Venezuela while retaining Brazil as a core market.
- The company agreed one of its largest workforce restructurings, with reporting putting the Spanish ERE in a range of about 4,539 to 5,500 departures, alongside broader top-management changes including Emilio Gayo as CEO and Juan Azcue in finance.
- Markets have been wary, with shares down roughly 12–16% over the year and reported losses near €5 billion, even as the Spanish unit logged its best customer gains in years and secured long-term football rights to bolster its offer.