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Telefónica To Propose Appointment Of Angel Vilá Boix As COO

The Executive Chairman of Telefónica, José María Álvarez-Pallete, has decided to redesign the organizational structure of the Company.

The Nominating, Compensation and Corporate Governance Committee approved, in its ordinary meeting, to propose the appointment of Angel Vilá Boix, until now Chief Strategy and Finance Officer, as Telefonica's new Chief Operating Officer at tomorrow's meeting of Telefonica's Board of Directors. Angel Vilá will be proposed to be appointed by co-optation as a member of the Board of Directors, as Executive Director, occupying the vacancy to be left by the departure of Julio Linares from the Board.

Julio Linares will continue to be linked to the Group and will be proposed as a member of the board of directors of Telefónica Brasil and Telefónica Deutschland. He will also continue to represent the Company institutionally in
several organizations.

The appointment of the new Chief Operating Officer consolidates the operational model introduced in 2014. The five operating businesses - Spain, Brazil, Hispanoamérica, Germany and the United Kingdom - as well as the Chief Commercial Digital Officer and the Chief Global Resources Officer will report directly to the Chief Operating Officer.

Under the new structure, Laura Abasolo will be appointed as Chief Finance and Control Officer, reporting directly to the Executive Chairman, José María Alvarez-Pallete. This area encompasses the responsibilities in the areas of Finance, Tax, Financial Planning and Coordination, Consolidation and Accounting Policies, Control and Planning, and Investor Relations. To date, Laura Abasolo was Director of Planning, Accounting and Control and has been a member of the Executive Committee since March 2014.

The company noted that the current Director of Corporate Development and Fonditel, Enrique Lloves, will become head of a new Strategy and Corporate Development area and will join the Executive Committee of the Company.

The Remuneration, Nomination and Corporate Governance Committee will propose
to the Board that the Global Chief Technology Officer Enrique Blanco should take responsibility for the Systems area, until now led by Phil Jordan (Global Chief Information Officer), who is leaving the company.

The Committee will propose the integration of Telefónica Open Future into the Innovation area, led by Gonzalo Martín-Villa.

Luis Blasco, until now Chairman of Video in Spain, will leave the Company.

by RTT Staff Writer

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