Telefónica's CEO Alierta to retire

César Alierta (pictured) will retire from his position as CEO of Telefónica after more than 16 years leading the Spanish telecoms giant, the company said in a statement.

Alierta endorsed the current COO José Maria Álvarez-Pallete as his successor. A decision will be made at a board meeting scheduled for April 8.

Álvarez-Pallete was appointed COO by Alierta four years ago as part of a succession plan, Telefónica said.

Alierta is the longest-serving chief executive of the Spanish group. He took over the company three years after its privatization.

Under his leadership, Telefónica became the largest telecom player in Latin America, and number one in its strategic markets: Brazil, Spain, Germany and Hispanoamérica.

Alierta will retain a seat on Telefónica's board and will continue as executive chairman of Fundación Telefónica, the operator added.

The telco reported a net loss of 1.83bn euros (US$2bn) in Q4, due to 2.60bn euros in non-recurring items. Excluding non-recurring items, the company's net profits were up 30% to 5.79bn euros in 2015.

Q4 revenues were flat year-on-year at 11.9bn euros. For the full year, revenues rose 8.7% to 47.2bn euros.