Telefonica Reduces Board Amid Restructuring

Telefonica will decrease its board structure after accepting the resignations of two of its members. This furthers a broader transformation plan of the company across its operations.

The number of board members was reduced from 17 to 15. Telefonica said in a statement that it shows its commitment to appropriate and transparent management to bring value, improve economic efficiency and enhance investor confidence. The company explained its restructuring was a major step forward aiming to improve transparency, responsibility, and commitment to its shareholders and investors.

Ignacio Moreno Martinez and Jordi Gual Sole voluntarily resigned from their roles on committees covering audit, control, sustainability, and quality, although they are expected to maintain some involvement through advisory positions. Independent director Maria Luisa Garcia Blanco was appointed chair of sustainability and quality committee, succeeding Francisco Javier de Paz Mancho who takes the helm of the regulation and institutional affairs committee. Maria Rotondo Urcola becomes a member of the audit and control committee.