Spain’s government is looking to replace Telefonica (TEF) CEO and Chairman Jose Maria Alvarez Pallete, Clara Hernanz Lizarraga and Rodrigo Orihuela of Bloomberg reported yesterday, citing people familiar with the matter. The company’s top shareholders, Sepi and Criteria Caixa SA, have been kicked off the process. Telefonica is set to hold an urgent board meeting as soon as Saturday to approve the change.
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