MEXICO CITY, Mexico - Wal-Mart de Mexico , Mexico's biggest retailer, on Monday said its Chief Financial Officer Rafael Matute will step down in June after 17 years with the company.

Pedro Farah, currently chief financial officer of Walmart in Latin America, will replace Matute in June with Matute staying through the end of July to ease the transition, the company said in a statement to Mexico's stock exchange.

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Last year Walmex - which is controlled by U.S. Wal-Mart Stores Inc - replaced its long-time Chief Executive Officer Scot Rank with Enrique Ostale, who was previously CEO of Walmart in Latin America.