Álvarez-Pallete is re-elected president of Telefónica with 84.6% of the votes of the board


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Telefónica shareholders have renewed the presidency of Jose Maria Alvarez-Pallete with 84.6%, support four points higher than in 2017. A support in which the good work of the executive director in reducing debt has been essential, the main burden of the company, which today is 17,000 million less upon his entry into the leadership of the Spanish telecommunications firm in 2016.

Despite the reduction in liabilities, some voices pointed out that finally the manager was not going to receive the support of the majority of the board, due to the opinions arrived in recent days by some 'proxy advisor' who advised against the reelection of Pallete for his concentration of power in the board of directors of the company.

At a shareholders' meeting where representatives of 56% of the company's capital participated, Telefónica presented its new logo after 22 years without changing its corporate image. A new image that, in the words of the reelected president, “Reflects where we come from, where we are going. An increasingly technological company that wants to be the protagonist of the world to come. A new Telefónica, ready for the next 100 years and it will be the banner that identifies us in this journey that we have already undertaken.

In this way, Álvarez-Pallete wants to give wings to a new Telefónica by placing the company's focus on digitization and the extension of 5G, which it claims has reached 80% of the Spanish network in just four months. But above all in continuing to reduce the liabilities of the Spanish telecom company. Because despite the 17,000 million subtracted in the last five years, the company continues to drag another 35,000. Pallete has insisted that, in the short term, the objective happens to contract this figure to 26,000. Something they hope will happen in the near future, thanks to the company's investments and when the sale of its fiber optic business in Chile is completed, the towers of Telxius and the merger of 02 Y Virgin in the United Kingdom.

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