CEO of Mexico’s State Oil Company Resigns

Adrian Lajous resigned as chief executive of Mexico’s state oil company, saying new blood is needed at the top. Lajous, an economist and 17-year Pemex veteran known for his political independence, will be replaced by Rogelio Montemayor, a veteran politician. Analysts said the change may have been political and designed to help the presidential campaign of Francisco Labastida, the ruling party’s candidate. Labastida’s main opponent in next year’s elections, Vicente Fox, is proposing to sell part of Pemex to investors in what could become one of the campaign’s biggest themes. Having a politician in charge of the country’s biggest taxpayer will help the ruling Institutional Revolutionary Party control the media battle, observers say.