Telefónica has announced the appointment of Javier de Paz as the new president of Telxius, its joint venture specializing in submarine cables, in which Amancio Ortega holds a significant stake through his investment firm, Pontegadea. This decision comes as Telefónica and its partners in the United Kingdom have recently acquired the second-largest fiber optic network in the country for approximately 2.3 billion euros. With this expansion, Telefónica aims to solidify its position in both national and international telecommunications markets.

Javier de Paz has been a prominent figure within Telefónica, having served as an executive in various capacities, including as vice president of Infrastructure, Real Estate Assets, and Corporate Social Responsibility. His extensive experience within the company and his close ties with the government, particularly under former Prime Minister José Luis Rodríguez Zapatero, position him well to lead Telxius during this pivotal time for the telecommunications industry. The appointment signals Telefónica's intent to leverage de Paz's expertise to enhance Telxius's operational and financial performance.

The joint venture’s recent dividend payout of 780 million euros, split between Telefónica and Ortega's Pontegadea, highlights the significant financial implications of this partnership. This move indicates a strong performance by Telxius amidst ongoing developments in the fiber optic sector, suggesting that the company may continue to play a crucial role in the deployment of advanced telecommunications infrastructure both in Spain and across Europe. As Telefónica and its partners move forward with innovative telecommunications projects, de Paz's leadership could be fundamental to navigating the challenges and opportunities in this increasingly competitive landscape.