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PDVSA Said to Be Preparing for Exit of President Del Pino

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Petroleos de Venezuela SA is preparing for the departure of its president Eulogio Del Pino in what would be the biggest management shift in years for the state-owned oil producer, people familiar with the plans said.

Del Pino, 61, may depart by July and will be replaced by Nelson Martinez, Venezuela’s oil minister, said the people, who requested anonymity because the information isn’t public. Martinez, 65, would remain in his role as oil minister in addition to becoming head of PDVSA. The move would come after a board shakeup in January and the recent replacement of some refining managers.

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