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Antonio Carlos Valente Steps Down as President of Telefonica in Brazil

03/26/2015 - 10h03

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JULIO WIZIACK
FROM SÃO PAULO

Responsible for the most important strategic moves of Telefonica in Brazil, Antonio Carlos Valente leaves the presidency of the group after almost eight years.

In his place, Amos Genish takes over, the current president of GVT, a company recently acquired by the Spanish operator.

Valente will continue with the company as chairman of the board of directors.

The change, however, will only be made at the end of the first half of the year, when the merger of GVT by Telefónica is complete. The transaction was approved by CADE (Administrative Council for Economic Defense) on Wednesday (25).

Valente played a key role in Telefonica's most important acquisitions in Brazil, which made it a leader in the telecomms market, in terms of revenue.

Among them is the purchase of Portugal Telecom's share in Vivo (they shared control), the merger of Telefonica (formerly Telesp) with Vivo (which kept the name) and the purchase of GVT.

Translated by CRISTIANE COSTA LIMA

Read the article in the original language

Karime Xavier - 15.mai.2012/Folhapress
Antonio Carlos Valente steps down as president of Telefonica
Antonio Carlos Valente steps down as president of Telefonica

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