Telecom giant Telefónica is initiating sweeping changes to its organization and structure in an effort to move forward in the digital world. The changes are designed to speed up the decision-making process, and balance and streamline the organization.
The first change is the creation of Telefónica Digital, a new business unit headquartered in London. Its mission will be to bolster Telefónica’s place in the digital world and take advantage of any growth opportunities, drive innovation, and strengthen its product and service portfolio. Second, the company will streamline and balance of the business’ geographical mix, based on stages of market development, leading to the configuration of two large blocks: Europe and Latin America. And third, a Global Resources operating unit will be created, designed to ensure the profitability and sustainability of the business by leveraging and unlocking economies of scale, as well as driving Telefónica’s transformation into a fully global company.
The new structure will revolve around a nine-member executive committee, backed by a transformation committee composed of the company’s senior managers.
