Telefonica Appoints Spain State Holding Company's Nominee to Board — Update

By Adria Calatayud and Najat Kantouar

Telefonica has appointed Carlos Ocana Orbis to its board of directors as requested by SEPI after the Spanish state's holding company raised its shareholding in the telecommunications group.

The Spanish telecommunication company said that Orbis will replace Carmen Garcia de Andres, who is resigning for personal reasons and to help the renewal of the board.

Earlier Wednesday SEPI requested the appointment of Orbis to Telefonica's board to represent the holding company's interest after raising its stake above 7%.

The Spanish government in December said it would buy, through SEPI, a stake of up to 10% in Telefonica, saying it is a strategic company for the country in telecommunications, security and defense.

Write to Adria Calatayud at adria.calatayud@wsj.com and Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

May 08, 2024 06:44 ET (10:44 GMT)

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