Sept 15 (Reuters) – Colombia’s state-controlled oil company Ecopetrol on Tuesday approved a sweeping board overhaul proposed by newly inaugurated President Abelardo De La Espriella’s government, as the company reels from corruption allegations and another senior management shake-up.
Current chairman Luis Felipe Henao was reappointed to the nine-member board, along with Cesar Loza, and Ricardo Rodriguez Yee. Whether Henao will continue as chair will be decided by the new board in an upcoming meeting.
The revamp comes a day after Ecopetrol announced that acting CEO Juan Carlos Hurtado would leave by mutual agreement, effective Tuesday, extending a period of turmoil at Colombia’s most important company. Ecopetrol said late on Monday that Camilo Barco, its finance chief, would take over on an interim basis.
Local media linked Hurtado’s exit to alleged irregularities in contracting and appointments. Ecopetrol did not immediately respond to a Reuters request for comment on the move.
Hurtado, previously head of hydrocarbons, had led the company on an interim basis since April, when Ricardo Roa stepped down over accusations of influence peddling and campaign finance violations tied to former President Gustavo Petro’s 2022 election campaign.
Markets are now awaiting the government’s choice for a new CEO.
The Colombian government owns 88.49% of Ecopetrol, the country’s biggest oil producer. The company also operates Colombia’s two main refineries and most of its oil and fuel pipeline network.
Dozens of Ecopetrol officials have resigned or been dismissed since De La Espriella took office in early August.
Ecopetrol has been hit by a series of scandals involving alleged corruption and influence peddling by officials appointed during Petro’s government. Those under investigation have not been convicted.
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