June 8, 2016 / 8:32 PM / 2 years ago

UPDATE 1-Spain's Telefonica replaces head of Mexican business

(Adds details on Morales)

MEXICO CITY, June 8 (Reuters) - The head of the Mexican unit of Spain’s Telefonica, Francisco Gil Diaz, will step down at the end of June and company executive Carlos Morales will take the helm, the firm said on Wednesday.

A former Mexican finance minister, Gil Diaz served as head of Telefonica Mexico for nearly 10 years as the company fought to gain market share from Carlos Slim’s America Movil.

Gil Diaz will remain at the company in an advisory role, Telefonica said in a statement. It gave no reason for the change.

Morales, who takes over as CEO, has worked for the company for more than a decade and was a global systems director. (Reporting by Tomas Sarmiento; Editing by Bernard Orr and Matthew Lewis)

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