Ecopetrol Approves Board Overhaul as Interim CEO Departs

Colombia's state-controlled oil company Ecopetrol approved a broad overhaul of its board on Tuesday, a move backed by the government of newly inaugurated President Abelardo De La Espriella, as the company contends with corruption allegations and fresh upheaval in its senior ranks.

The nine-member board will retain current chairman Luis Felipe Henao, alongside Cesar Loza and Ricardo Rodriguez Yee. Whether Henao continues as chair will be settled by the new board at an upcoming meeting.

The reshuffle followed Monday's announcement that acting chief executive Juan Carlos Hurtado would depart by mutual agreement, effective Tuesday. Camilo Barco, the company's finance chief, has taken over on an interim basis. Local media have linked Hurtado's exit to alleged irregularities in contracting and appointments.

Hurtado, previously head of hydrocarbons, had led Ecopetrol on an interim basis since April, when Ricardo Roa stepped down amid accusations of influence peddling and campaign finance violations tied to former President Gustavo Petro's 2022 election campaign.

Attention now turns to the government's pick for a permanent CEO. The Colombian state holds 88.49% of Ecopetrol, the country's largest oil producer, which also runs its two main refineries and most of its oil and fuel pipeline network.

Dozens of officials have resigned or been dismissed since De La Espriella took office in early August. The company has been buffeted 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.