Carlos Morales Paulín new president and CEO of Telefónica México

Francisco Gil Díaz will step down at the end of June as the head of Spain's Telefónica's Mexican business, the company said in a statement, naming Telefónica México executive Carlos Morales Paulin as the new president and chief executive officer.

A former Mexican finance minister, Gil Diaz served as head of Telefónica México for nearly 10 years as the company fought to gain market share from Carlos Slim's América Móvil.

Gil Díaz will remain at the company in an advisory role, Telefónica said in a statement.