Portela, new CEO of ONO
March 27, 2009
From David Del Valle in Madrid
Spain’s cable company ONO has named Rosalia Portela, former Telefonica executive, as CEO replacing the Richard Alden as part of a far-reaching management reshuffle and reorganisation of the company.
The appointment will be formally made in May at the shareholders meeting. Portela, a former director of Telefonica, was reportedly on a final shortlist against another Telefonica director Antonio Viana. Portela's career has also taken in Kimberly Clark, Repsol and Procter & Gamble. “This appointment will bring an end to a phase of changes within the company,” said ONO chairman Jose Maria Castellano who recently replaced Eugenio Galdon at the chairmanship.
The new CEO will have to face a difficult situation with the company burdened by E4.2 billion debt. ONO has already admitted a sale or major capital reorganization is likely over the next 15 months or so.