(Bloomberg) -- Petroleos Mexicanos, the state oil producer struggling to turn around lackluster oil production and reduce debt, replaced its acting finance chief after less than a year on the job.
Interim Chief Financial Officer Antonio Lopez Velarde left his role to resume his former post on the risk management team at Pemex, according to El Financiero columnist Dario Celis. Carlos Cortez, deputy director of budget and accounting, will take over for the time being.
A Pemex representative didn’t respond to a request for comment.
Lopez Velarde took over in December from Alberto Velazquez Garcia, who was put in charge of a new unit at the company.
Pemex has struggled under a debt burden that is the highest of any oil company, and a June bond issue for suppliers failed to meet investor expectations.
Read more: Pemex debt sale falls short on weak demand
In the June sale, Pemex swapped commercial debt with suppliers for new notes, which Citigroup Global Markets Inc. sought to place in the secondary market. The company not only raised less money than planned -- $1.5 billion instead of $2 billion -- it also had to offer a higher interest rate -- 9.25% rather than 8.75%.
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