Telefónica shifts registered office to Las Tablas and restructures Spanish operations into three units

Three independent business units

Telefónica España has adopted a restructured operating model centered on three independent business divisions to accelerate decision-making and remove overlapping functions. The new organization establishes B2B España, B2C España, and Mayorista España. Borja Ochoa continues as non-executive president of Telefónica España while taking direct control of the B2B division, which encompasses enterprise clients and public administrations. Óscar Candiles oversees residential operations as the head of B2C España, and Marisa Urquía leads the wholesale segment.

The reorganization embeds Telefónica Tech directly inside B2B España to package cloud computing, cybersecurity, artificial intelligence, Internet of Things, and defense solutions for broader European distribution. Group support departments covering finance, internal audit, corporate strategy, human resources, legal affairs, and security will no longer sit under the Spanish subsidiary, moving instead directly under group-level management.

Dissolution of the television board

The board of directors simultaneously dissolved the dedicated governing board of television subsidiary Movistar Plus+, placing audiovisual services directly under the newly established B2C España division. Javier de Paz steps down from his non-executive presidency of the television unit, which he held since March 2025. De Paz remains deputy to the executive chairman with responsibility over infrastructure, real estate assets, and corporate social responsibility, while taking on additional duties for European business development and continuity.

The disbanded Movistar Plus+ board previously included former Basque Nationalist Party president Andoni Ortuzar, former president of Navarre Yolanda Barcina, former La Vanguardia director Marius Carol, Gerard Guiu, and Daniel Clivillé.

In a communication sent to the National Securities Market Commission, Executive Chairman Marc Murtra described the operational purpose behind the realignment.

It boosts the great technological and business strengths of Telefónica España and Telefónica Tech while simplifying corporate areas so that they gain agility and efficiency.

Relocation to Distrito Telefónica

In an accompanying unanimous decision, the board approved an amendment to Article 3.1 of the company bylaws to transfer Telefónica's registered office away from its Gran Vía 28 address. The corporate seat moves to the Central Building within Distrito Telefónica, situated on Ronda de la Comunicación in the northern Madrid neighborhood of Las Tablas.

The relocation formalizes the transfer of administrative operations following the sale of the Gran Vía property to Murcian businessman Tomás Olivo through his company Galerías Comerciales. Telefónica signed the deed of sale on 1 September 2026 for a total value below 200 million euros after Olivo's proposal was selected in the bidding process.

Commercial presence at the Gran Vía property

Constructed in 1929, the 13-story, 90-meter neo-Baroque building at Gran Vía 28 served as Madrid's first skyscraper and was Europe's tallest building until the 1950s. Following a renovation concluded in September 2024, the building continues to house Espacio Movistar, which includes the provider's largest retail store in Spain, a movie theater, a television set, two content recording studios, a gaming space, and the Movistar Café.

The property also retains an active direct connection to Espacio Fundación Telefónica, maintaining public, cultural, and commercial operations at the location despite the formal relocation of the corporate seat to Las Tablas.