1217 GMT - Telefonica's move to push out long-standing chair Jose Maria Alvarez-Pallete and replace him with defense executive Marc Murtra marks a significant change for the Spanish telecoms group, Deutsche Bank analysts say in a research note. Telefonica poached Murtra from Indra, an information technology and defense group known for its radar systems, in which the Spanish government holds a 28% stake. Telefonica's board will now potentially be more geared toward satisfying government goals, which creates uncertainty, Deutsche Bank says. The market will likely react negatively to the move, the bank adds. Shares fall 3.2% to 3.84 euros. (maitane.sardon@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 07:18 ET (12:18 GMT)
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