Telefonica Names New CEO

Telefonica named Fernando Abril-Martorell as chief executive, rehiring its former chief financial officer and shuffling management after Juan Villalonga resigned as chairman of Spain’s biggest phone company. Abril, 38, most recently served as chairman of Telefonica Publicidad e Informacion, the phone directory unit. He left the ex-monopoly in June after his relationship with then-chairman Villalonga soured. Cesar Alierta, who became Telefonica’s chairman last month, appointed Abril CEO as part of his first management changes at the company. One of the biggest challenges facing the new management team will be pulling off Terra Networks’ $12.5-billion acquisition of Lycos Inc., which is set for October. Terra is Telefonica’s Internet unit.