From David Del Valle in Madrid

Spain’s cable company ONO has named Rosalia Portela, former Telefonica executive, as CEO replacing the Richard Alden as part of a far-reaching management reshuffle and reorganisation of the company.

The appointment will be formally made in May at the shareholders meeting. Portela, a former director of Telefonica, was reportedly on a final shortlist against another Telefonica director Antonio Viana. Portela's career has also taken in Kimberly Clark, Repsol and Procter & Gamble. “This appointment will bring an end to a phase of changes within the company,” said ONO chairman Jose Maria Castellano who recently replaced Eugenio Galdon at the chairmanship.

The new CEO will have to face a difficult situation with the company burdened by E4.2 billion debt. ONO has already admitted a sale or major capital reorganization is likely over the next 15 months or so.

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