MADRID, May 4 (Reuters) - Spain’s Telefonica said on Thursday it was reducing the size of its board and that former chairman Cesar Alierta would stand down as part of the revamp.
The former chairman’s departure will be taken as a sign the head of the new telecoms company, Jose Maria Alvarez Pallete, appointed last year, was moving away from Alierta’s influence.
Gonzalo Hinojosa Fernandez de Angulo, the former boss of Spanish clothing firm Cortefiel, and Pablo Isla, CEO of fast fashion giant Inditex, will also leave the board, Telefonica said.
Alierta was chairman at Telefonica for more than 15 years. (Reporting by Paul Day; Editing by Julien Toyer)