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Fortune

Diego Urdaneta, AFP

Telefonica replaces president with former Indra Group head Marc Murtra, amid increasing shareholder pressure

Telefonica Indra El Pais

(Credit: Kike Rincon/Europa Press via Getty Images)

Spanish telecommunications giant Telefonica Saturday said it had replaced its president in a surprise move driven by pressure from major shareholders.

An emergency meeting of the company's board elected Catalan businessman Marc Murtra to replace Jose Maria Alvarez-Pallete, it said in a statement.

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