With the general elections on 29 November on the horizon, the severance packages for the top executives of Indra and Telefónica could amount to millions of euros. The CEO of Indra has a potential cost of up to €2.414 million.
According to articulo14.es, the general elections will be held on 29 November, earlier than expected, which has brought several listed companies in which the State Industrial Participation Society (SEPI) has stakes and their top executives into focus. A change of government usually translates into a change in the leadership of these companies.
At Indra, where SEPI holds 28%, Ángel Simón has been president since 2 April and Josep María Recasens has been CEO since 17 June. The new remuneration policy does not include severance in the event of a change in the non-executive presidency, a position for which Simón earns €550,000 gross per year.
The CEO, on the other hand, could receive up to €2.414 million gross if he leaves the company and the three-month notice period is not observed. Simón and Recasens will present the new strategic plan on 25 November.
At Telefónica, where SEPI controls 10%, Marc Murtra has been executive president since January 2024. The remuneration policy states that, in the event of departure, he would receive two annual payments of his salary, calculated from the fixed part (€1.835 million) and the average of the last two annual variable compensations.
Murtra received €5.259 million in 2025 for fixed and variable compensation. That variable part reached €3.293 million in 2025, and if this year were similar, the cost of his departure would exceed €7.13 million.
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