MEXICO CITY—Troubled Mexican construction giant Empresas ICA said Chief Executive Alonso Quintana has resigned to ease the company's restructuring as it struggles under a mountain of debt.

The company will organize a board meeting to name ICA veteran Luis Zá rate to replace Mr. Quintana, who is a grandson of ICA's founder. Mr. Quintana's father, ICA Chairman Bernardo Quintana, thanked him for his leadership and dedication to the company, ICA said in a filing late Monday.

The resignation is the latest in top-level management moves at ICA, which began with the exit of the chief financial officer in December.

ICA, which has $1.35 billion in dollar bonds, has been pressured by a weaker Mexican peso on its dollar-denominated debt as well as a decline in earnings at its construction division and delays in payments on government contracts.

ICA has missed a number of interest payments on its debt. It has hired Rothschild & Co. and FTI Consulting to advise it in its operational and financial restructuring.

The company said it expects to have a restructuring plan ready by mid-March and aims to begin talks with creditors once the plan is approved by the board. It will delay reporting fourth-quarter earnings until the end of March.

The construction company, founded in 1947, has been intimately intertwined with Mexico's development, building projects including subway lines, hydroelectric dams and the Olympic Village used in the 1968 Summer Games.

ICA has stumbled on some recent projects and failed to win others. Meanwhile, the Mexican government has been trimming the federal budget due to lower oil income.

(END) Dow Jones Newswires

February 23, 2016 12:15 ET (17:15 GMT)