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Pemex Replaces CFO as AMLO Tightens Grip on Struggling Producer

  • Risk management chief Velarde takes interim CFO role
  • Outgoing Velazquez to head new unit handling domestic sales
Petroleos Mexicanos headquarters in Mexico City.

Petroleos Mexicanos headquarters in Mexico City.

Photographer: Susana Gonzalez/Bloomberg
Updated on

Petroleos Mexicanos is replacing its finance chief as President Andres Manuel Lopez Obrador tightens his grip on the struggling state oil giant. 

In Pemex’s first C-suite shift under the current administration, the Mexican producer named risk management chief Antonio Lopez Velarde its chief financial officer, replacing Alberto Velazquez Garcia, who will run a new unit. Velarde is taking the post in an interim capacity Wednesday, the company said in a statement, without clarifying whether he’ll remain at the job or eventually be replaced.