By Lisa Burroughes, 27 July 2000 17:38
NEWS Juan Villalonga, the chairman of Spanish telco Telefonica, has resigned amid speculation of insider dealing and wrangling with the Spanish government. Villalonga transformed the company from a monopoly to a fast-growing international telco through a number of alliances and acquisitions. However, the most recent talks with Dutch telco Royal KPN for a $58bn merger fell through in May after government opposition, and it's thought this is the key factor behind Villalonga's departure. Cesar Alierta, chairman of the Spanish-based tobacco company, Altadis, has been named as his successor.
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