Two weeks after the CFO change, Pemex Investor Relations Head resigns


Petroleos Mexicanos’s head of investor relations Lucero Medina has left the state oil giant just two weeks after the CFO was replaced, according to people familiar with the situation.

The people asked not to be named because the information isn’t public. A Pemex representative didn’t immediately respond to messages seeking confirmation.

The departure at a turbulent moment for the oil producer follows the appointment of Antonio Lopez-Velarde as interim chief financial officer, replacing Alberto Velazquez Garcia. Several other executives left earlier this year.

The management changes come at a time when President Andres Manuel Lopez Obrador’s government tightens its grip on the struggling state driller and seeks to shore up its finances.

Pemex is embarking on a series of bond buybacks and new issuance to reduce the cost of servicing its borrowings. As part of the initiative, which includes a $3.5 billion capital injection from the government, Pemex pledged to overhaul its five-year business plan and make changes to its management team following more than a decade of long-term oil production declines and soaring debt — which, at $113 billion, is the highest of any major oil company.

Mexico Gives $3.5 Billion Lifeline to Pemex to Help Finances

Among other departures, Vanessa Ramirez, the former CFO of Pemex’s trading arm PMI, left in April and Miguel Angel Lozada, the previous director of exploration and production at Pemex, in February. The former director of commercial products at PMI, Luz Wiley, left in January, and Jose Luis Cardenas Dominguez, the previous director of administration at PMI, resigned in November of last year.

Source: El Financiero

Mexico Daily Post