O2 parent Telefonica overhauls corporate structure

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Telefonica Europe creates new ‘Digital Unit’ business in London which will be headed up by former O2 UK CFO Matthew Key

O2 parent company Telefonica has announced a restructuring that will see the creation of a new digital unit headquartered in London.

Telefonica Digital will be responsible for exploring ways in which Telefonica can maximise digital revenues its large customer base in areas such as video and entertainment, e-advertising, e-health, financial services, cloud and M2M.

It will be led by former Telefonica Europe head Matthew Key (pictured) and employ 2,500 staff spread across offices in regional hubs in Madrid, Sao Paulo and Silicon Valley, as well as strategic hubs in Asia.

Key originally joined O2 as chief financial officer in 2002, before being named CEO of O2 Europe in 2007 after the company was purchased by Telefonica in 2007.

Most of the unit’s staff will be recruited from within other parts of the company, including the New Global Services Unit, Terra, Tuenti, Jajah, Telefónica R+D and Media Networks.

The firm is also dividing its operations into two geographical regions, Europe and Latin America, in a move which will see the firm’s current Latin American chief José María Alvarez-Pallete take charge of the Europe region.

Former finance and corporate development general manager Santiago Fernandez Valbuena will move to running the Latin American part of the company.

The firm is also establishing a global resources unit that will seek efficiency savings and economies of scale across the company.

It will be led by former Telefonica Spain head Guillermo Ansaldo.

The new corporate structure at Telefonica will be overseen by a nine- member Executive Committee.

 

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