Telefónica has appointed STC CEO Olayan Alwetaid to its board of directors this week.

The carrier announced Alwetaid’s appointment yesterday (February 26) along with Ana María Sala, who also joins the board.

Alwetaid joins the board as proprietary director. His place on the board represents the shareholder Green Bridge Investment Company SCS / STC Group.

Saudi Telecom Company (STC) finalized its acquisition of a 9.9 percent stake in Telefónica in November.

Alwetaid has been CEO of STC since March 2021. Telefónica stated that his appointment fills the vacancy on the board following the passing of the vice-chairman José Javier Echenique late last year.

STC first announced it had agreed to acquire the stake in Telefónica in September 2023 for $2.25 billion.

The carrier has said it doesn’t intend to push for a majority stake in the Spanish telco.

When STC announced its initial agreement to purchase the stake, it prompted the Spanish government to heavily scrutinize the deal as STC would become the biggest shareholder in the company, surpassing BBVA, BlackRock, and CaixaBank.

However, the Spanish government concluded its own purchase of a 10 percent stake in Telefónica last year, thus ensuring it became the largest shareholder.

The government acquired the stake through the state-holding company Sociedad Estatal de Participaciones Industriales (SEPI).

Telefónica also announced the appointment of Sala as an independent director on its board following the resignation of Francisco José Riberas from his position. Her background is in law.