Pemex Trading Arm’s Chief Financial Officer Ramirez Resigns

(Bloomberg) -- The chief financial officer of Petroleos Mexicanos’s trading arm has resigned, becoming the fourth director to leave the company as it struggles to reduce debt and reverse output declines.

Vanessa Ramirez resigned from her post at the PMI unit and is leaving the company, according to two people familiar with the situation who asked not to be named because the information isn’t public. Pemex has yet to name another person to the position, the people said.

A Pemex representative didn’t immediately respond to a request for comment.

PMI, a subsidiary of Pemex that’s responsible for oil trading, has been under strain since last year, when it was forced to slash its operational budget and asked employees to forgo their profit-sharing payments. Pemex also asked employees to return a portion of their monthly salaries and to donate their year-end bonuses, known as aguinaldo.

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Ramirez’s resignation comes after Miguel Angel Lozada, Pemex’s former director of exploration and production, retired from the company 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 late November.

Pemex is aiming to reverse more than a decade and a half of sinking production and keep debt at $105 billion through 2025, an amount that is the highest of any oil major.

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