Spanish telecommunications giant Telefonica's board approved a corporate restructuring Wednesday aimed at simplifying the operation and boosting revenue, the company said in a press release.

In a move to streamline the corporation, the Telefonica Digital, Telefonica Europe and Telefonica Latam divisions will be folded into a new Global Corporate Center.

The company also bolstered the role of the chief global resources officer as it seeks to continue a cost-cutting strategy aimed at achieving gross savings of 1.5 billion euros (some $2.06 billion) in the coming years.

Telefonica also has created the position of chief commercial digital officer in a bid to spur revenue growth.

The functions of Telefonica Europe and Telefonica Latam will be reorganized into five areas, four of which correspond to key countries for Telefonica - Spain, Brazil, Germany and Britain - and the fifth to the Latin American region, now without Brazil.

Telefonica's chief in Brazil will be Paulo Cesar Texeira, while Eduardo Caride will be in charge of the newly organized Latin America division.

The reorganization is aimed at making Telefonica's digital offering "the main focus for commercial policies," the company said.

The Madrid-based company added that the structure gives greater visibility to local operations and brings them "closer to the corporate decision-making center, simplifying the global structure and strengthening the transverse areas to improve flexibility and agility in decision makings." EFE