Restructure sees closure of Telefonica Digital brand

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Chief executive officer Matthew Key to become director of Telefonica UK

The board of Telefonica has announced a major restructure of its business that has placed a question mark over the future of the Telefonica Digital offices in Central London.

Matthew Key, chief executive officer of Telefonica Digital since its inception in September 2011, will become a director of Telefonica UK (O2) working alongside Ronan Dunne.

The integration of Telefonica Digital into the company’s Global Corporate Centre was announced earlier today by Cesar Alierta, director of parent company Telefonica.

Under Key’s stewardship the Digital division had achieved 20 per cent annual revenue growth, as part of its plans to grow revenues at the unit to in excess of £4 billion by 2015.

A Telefonica spokesperson said it was too early to comment on the future of the site and whether there would be any job losses as a result of the restructuring.

Other measures announced by Telefonica included increased efficiencies through ‘simplification and cost-cutting’, an expansion of its digital offering, and modernising of its network.

The firm has created the role of chief commercial digital officer to drive digital growth, and chief global resources officer to achieve £1.2 billion worth of savings in the next few years.

The Telefonica Europe and Telefonica LATAM divisions will also become part of the Global Corporate Centre.

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