Telefonica boss Alierta steps down, replaced by deputy

Spain's Telefonica chairman Cesar Alierta will step down after 16 years and be replaced by his deputy Jose Maria Alvarez-Pallete, the company said on Tuesday, seeking to open a new era of digital growth. 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 n