José María Álvarez-Pallete

José María Álvarez-Pallete is the former president of Telefónica. He is currently newsworthy due to the significant severance package he received upon leaving the company, totaling 44.5 million euros. This payout has drawn criticism and led to a strong vote of disapproval from institutional investors during Telefónica's recent General Shareholders Meeting. As a result, Telefónica is now limiting the severance package for its current president, Marc Murtra, to two years of fixed salary. Álvarez-Pallete's departure also coincided with broader changes within the Spanish business landscape, including government intervention at Indra and shifts in board membership at Telefónica, such as the exit of BBVA's representative. His exit from Telefónica was reportedly initiated by the government in January 2025, leading to Marc Murtra's appointment.