Rosauro Varo ‘s departure from Telefónica’s governing bodies comes at a key moment for the company. The businessman from Seville has decided to resign immediately from his positions on the board of directors of Movistar+ and on the advisory board of Telefónica de España, a decision that coincides in time with the opening of the period of voluntary adhesion to the Employment Regulation Plan (ERE) that will affect several subsidiaries of the group and that contemplates thousands of departures.
Varo’s resignation has been communicated directly to the president of Telefónica, Marc Murtra, and to Javier de Paz, head of the audiovisual subsidiary of the operator. According to market sources quoted by El Confidencial and confirmed to Servimedia, the businessman has opted to leave both positions to focus on his professional projects, mainly linked to leisure and real estate, with special weight in Andalusia.
Rosauro Varo steps down from the boards of Telefónica and Movistar+
Rosauro Varo has been a member of the advisory board of Telefónica de España for three years and of the Board of Directors of Telefónica Audiovisual Digital, the company that owns Movistar+, since May 2023. Both appointments took place during José María Álvarez-Pallete’s tenure as chairman of the group.
The decision to leave these positions was conveyed last week to both Marc Murtra and Javier de Paz, with the intention that their departure would take place imminently. From the business environment it is emphasized that the resignation responds to a reorganization of their professional priorities and not to internal discrepancies within the company.
Varo is the owner of GAT, a holding company from which he channels investments in hospitality, leisure, tourism and real estate developments. He is currently focused on the development of the second phase of Salduna Beach, a beach club located between Marbella and Estepona, one of the most relevant projects in his current portfolio.
An investor profile with a presence in large companies
In addition to his ties with Telefónica, Rosauro Varo holds a prominent position as an investor in Cabify and sits on the board of Acciona Energía. In the latter company, the Entrecanales family, the main shareholder, recently renewed its confidence in him during the last general meeting.
His departure from Telefónica’s governing bodies does not mean, therefore, a distancing from the corporate world, but rather a readjustment of his involvement in large business groups, prioritizing those projects in which he has a more direct role in management and strategic development.
Telefónica opens the voluntary period for voluntary adhesion to the ERE (Employment Redundancy Program)
Rosauro Varo’s resignation comes on the same day that Telefónica has opened the period for voluntary adhesion to the Redundancy Program agreed with the unions UGT, CCOO and Sumados-Fetico. The adjustment will affect seven subsidiaries of the group and contemplates a significant number of departures.
Specifically, the registration period begins for the three subsidiaries governed by the Agreement of Related Companies (Telefónica de España, Telefónica Soluciones and Telefónica Móviles), as well as for the three units known as GBUs: Innovación Digital, Global Solutions and Telefónica SA.
The calendar establishes that the deadline to sign up will be open until January 29 in the case of CEV companies and until January 26 for GBUs. Regarding Movistar Plus+, employees will be able to apply between January 7 and February 6.
More than 4,500 departures agreed and margin up to 5,500
Telefónica has agreed with union representatives on a minimum threshold of 4,525 departures, representing 25.6% of the 6,088 departures initially proposed by the company before the start of negotiations and 26.2% of the 17,248 employees that make up the total workforce of the seven subsidiaries affected.
However, the company has left open the possibility of extending the adjustment up to a maximum of 5,500 departures, depending on the volume of voluntary applications received during the process.
The next step will be the communication by the company of acceptances of voluntary departures and, if applicable, of possible forced departures. This process is scheduled to take place between February 12 and 16.
Cost of the ERE and economic impact
In order to face this redundancy plan, Telefónica has provisioned around 2,500 million euros before taxes. Of this amount, 2,300 million euros are allocated to Telefónica España and Movistar Plus+, while the remaining 200 million euros correspond to the corporate units.
The average cost per employee leaving the company would be around 454,000 euros, a figure higher than the 380,000 euros of the previous ERE in 2024, in which 3,420 workers left.
The severance indemnities contemplate different income brackets depending on the age of the employees. Those born between 1969 and 1971 will receive 68% of salary up to age 63 and 38% thereafter. For those born between 1965 and 1968, the income will be 62% up to age 63 and 34% thereafter. For those born in 1964 or earlier, 52% up to age 63 and 35% thereafter.
In order to benefit from the ERE it will be necessary to have a minimum seniority of 15 years in the CEV companies and 13 years in the smaller subsidiaries.
Expected savings and new scenario for the group
The listed company expects to achieve annual savings of around 600 million euros from 2028, of which around 500 million would correspond to Telefónica España and Movistar Plus+, and around 60 million to the corporate units. According to forecasts, the impact on cash generation will be positive from 2026, as will the capture of these savings.
In this context of internal transformation and structural adjustment, Rosauro Varo ‘s departure from the Telefónica board is part of a period of profound changes within the group, both organizationally and strategically, as the company seeks to strengthen its financial sustainability and adapt to an increasingly demanding environment.
