Telefonica replaced Jose Maria Alvarez-Pallete with Indra’s Marc Murtra as executive chair of the company, saying some of its shareholders wanted change.

An emergency meeting of the company's board elected Catalan businessman Marc Murtra to replace Jose Maria Alvarez-Pallete.

Spanish carrier Telefónica has named Marc Murtra as its new executive chair over the weekend. Murtra will replace José María Álvarez-Pallete, who has held the position since 2016.

Spanish telecom giant Telefonica's board agreed on Saturday to terminate Chief Executive Jose Maria Alvarez-Pallete's contract and appoint Indra's chairman Marc Murtra to replace him, the company said in a filing to the stock market regulator.

Marc Murtra has been named Executive Chairman of Spanish telco Telefónica, replacing José Álvarez-Pallete who held the role for nine years. Alvarez-Pallete w