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Alierta, who took over the job in 2000 as the tech bubble burst,
is credited with turning the former monopoly into a
telecommunication giant with a global footprint.
During his tenure, Telefonica was the first Spanish company to
reach a market value of 100 billion euros, in 2007, though it
has now fallen to 48 billion euros ($54 billion) as the firm
spent the last few years selling assets and cutting its high
debt.
Alvarez-Pallete, who joined Telefonica in 1999, was appointed
Alierta's deputy in 2012 and has been on the board since 2006.
He is the main man behind Telefonica's strategy to make itself a
major digital player through investments in super high-speed
internet networks and premium television content that have
helped the group return to growth.
Telefonica's board of directors will discuss his appointment as
its new executive chairman at its next meeting on April 8.
Alierta, who is 70, will keep a seat on the board.
Shares in Telefonica rose around 1 percent after the
announcement, paring previous losses of around 0.5 percent. They
were up 1.11 percent at 9.824 euros at 0735 EDT.
(Reporting by Jesús Aguado and Julien Toyer; Editing by Ruth
Pitchford)
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