WASHINGTON (CNN) -- Sen. John McCain has replaced his presidential campaign's finance director, the latest staff shuffle following the Arizona Republican's relatively poor fundraising performance in the first quarter of 2007.

Veteran McCain operative Carla Eudy has been moved out of her role as finance director into a senior advisor position, McCain spokesman Kevin McLaughlin told CNN Tuesday. Mary Kate Johnson replaces Eudy as McCain's new finance director.

"Carla Eudy has been an incredibly hard working and invaluable member of Sen. McCain's team for many years and will remain an integral part of our finance operation as a senior advisor," McLaughlin said in a statement.

McLaughlin called the move a "continuation of the campaign restructuring that began earlier this month."

The campaign's restructuring comes after McCain reported raising $12.5 million in the first quarter with only $5 million cash on hand -- significantly behind his two chief rivals for the GOP presidential nomination, former Massachusetts Gov. Mitt Romney and former New York City Mayor Rudy Giuliani.