Overview
- Installed in January 2025 with backing from SEPI, Criteria and STC, Marc Murtra consolidated control by reshaping the board and top team, naming Emilio Gayo as CEO, Juan Azcue as CFO and Carlos Ocaña as vice chair.
- The Transform & Grow plan pivoted the group away from much of Latin America, with sales completed in Argentina, Peru, Uruguay and Ecuador, an advanced process in Colombia and formal sale efforts for Chile, Mexico and Venezuela, while retaining Brazil.
- A major restructuring in Spain included an ERE affecting about 5,500 employees, reflecting a drive to simplify operations and strengthen medium‑term cash flow.
- Investors remain wary after a dividend cut, losses near €5 billion and a 12%–16% share-price drop through 2025, even as Spanish commercial performance improved with roughly 200,000 net customer additions.
- Management signals a 2026 push for consolidation in Europe, with market chatter linking Telefónica to potential moves involving Vodafone Spain or a tie‑up in Germany with 1&1, which remains unconfirmed.