Business

Major Management Shuffle at Ecopetrol Amid Corporate Reshuffling

BOGOTA, Colombia, April 5, 2024 /PRNewswire/—Ecopetrol S.A., Colombia's primary oil company listed on both the BVC (Bolsa de Valores de Colombia) and the New York Stock Exchange (NYSE: EC), today announced a significant reshuffling of its senior management team.

Ana Milena López, who has played a pivotal role as the Corporate Vice President of Finance and Sustainable Value, has made the decision to step down from her position, with her resignation becoming effective on April 12, 2024. To ensure the continuity of the company’s strategic financial initiatives, María Catalina Escobar Hoyos, the current Value Maximization Manager, will be assuming the responsibilities of Ana Milena López starting April 13, 2024. This appointment will be on a temporary basis while the search for a permanent successor is conducted.

The series of management changes does not end there. Luz Elena Díaz, serving as the Corporate Vice President of Compliance and Compliance Officer, will also be vacating her current roles come April 19, 2024. Alberto Vergara Monterrosa, the present Corporate Manager of Ethics and Compliance, is set to take the helm of these positions the subsequent day, April 20, 2024. His appointment, akin to María Catalina Escobar Hoyos's, will be provisional while Ecopetrol scouts for a fitting, full-time executive.

In a parallel stream of shifts within the ranks, Juan Diego Puerta, the Vice President of Exploration, will be departing from his role on April 5, 2024. Ivan Camilo Higuera, who has been adequately overseeing duties as the Onshore Manager, will embrace the role from April 6, 2024. Aligned with the preceding temporary placements, Higuera will provisionally fill the position until Ecopetrol finalizes a replacement.

In the wake of these changes, Ecopetrol has expressed its sincerely felt gratitude for the dedicated service and noteworthy contributions of Ana Milena, Luz Elena, and Juan Diego towards the group's considerable achievements. The company has conveyed its best wishes for their future professional pursuits and endeavors.

Ecopetrol S.A. is revered as the largest company in Colombia and is a preeminent figure among the integrated energy firms on the American continent. Its workforce surpasses 18,000 employees. In Colombia, the company is the backbone for over 60% of the nation's hydrocarbon production and is integral to the majority of transportation, logistics, and hydrocarbon refining systems. It also possesses dominant positions in the petrochemicals and binds the pinnacle in the gas distribution segments.

Beyond domestic success, Ecopetrol has made its mark by acquiring 51.4% of ISA's shares, effectively marking its territory in energy transmission and the management of real-time systems (XM). Its influence extends to the Barranquilla-Cartagena coastal highway concession. On the international disk, Ecopetrol has strategic stakes in vital American continent basins with active drilling and exploration operations in the United States within the prodigious Permian basin and the Gulf of Mexico, as well as Brazil and Mexico. Moreover, through ISA and its subsidiaries, Ecopetrol proudly occupies leading positions in the power transmission business, which spans across Brazil, Chile, Peru, and Bolivia, asserts its presence in road concessions in Chile, and casts its influence over the telecommunications sector.

This press release includes forward-looking statements centered around anticipated events, strategic moves, and prospective developments within the company’s operations. Words that exude an air of expectancy, such as "may," "will," "should," "expect," "anticipate," "estimate," "intend," "continue," or "believe," cast a vision for the future reflecting plans, budgets, and forecasts. However, it’s imperative to recognize that these forward-looking statements are subject to a spectrum of risks and uncertainties. These factors could pivot the actual outcomes to show material differences from the projected paths laid out in these statements. It’s crucial to acknowledge that many of these risks are beyond Ecopetrol's control.

Ecopetrol, standing at the forefront of transparency and reliable communication, holds no obligation to supplement this press release with additional data or updates. This encompasses any potential need to rectify any inaccuracies that may come to light consequent to new information, subsequent developments, or otherwise. Stakeholders and interested parties are advised to maintain a prudent stance and not unduly rely on the forward-looking statements, which only present scenarios as envisioned on the date of the release.

For a more comprehensive understanding or inquiries, interested individuals are encouraged to reach out through the following contact information:

The Head of Capital Markets, Carolina Tovar Aragón, can be contacted via email. Similarly, for corporate communications within Colombia, Marcela Ulloa is available for correspondence.

Email Trinidad & Tobago Email Colombia

Ecopetrol S.A. stands by to engage with stakeholders, shedding light on developments and reinforcing its commitment to progress and strategic clarity.

Ecopetrol S.A. and its legacy of innovation and leadership in the energy sector remain staunch, notwithstanding the recent shifts within its corporate structure. At the heart of such management transitions lies the company's resilient pursuit of operational excellence and its consistent pattern of strategic decision-making. As these transitions entail a series of provisional assignments, they also highlight the company's agility in maintaining operational integrity and leadership continuity. Ecopetrol’s approach to these changes is evidently meticulous—reflecting a balanced integration of anticipation for the future and respect for the formidable groundwork laid by the outgoing executives.

The energy titan has forever been aware that the industry's dynamic landscape requires adaptability and foresight. Ecopetrol's ascribed value goes beyond its impressive hydrocarbon production—it is embedded in its ability to navigate and set the pace within the industry's multifaceted challenges and opportunities. Its leadership movements reflect a broader strategy of ensuring that the right talent is in place to steer the company towards its ambitions amidst global energy evolution, market volatility, and ever-shifting geopolitical landscapes.

Ecopetrol’s broadened international reach, with stakes in major basins across the American continent, not only reflects its status as a formidable player in the energy sector but also speaks volumes about its commitment to diversification and global presence. The company’s engagement in leading transmission businesses and telecommunications further underscores its versatile approach towards the energy and infrastructure sectors. The agility with which Ecopetrol navigates these complex terrains merges well with its visionary leadership blueprint—a scheme that now witnesses the infusion of new perspectives with the recent management adjustments.

Indeed, the temporal nature of these appointments signals that the search for permanent successors is a priority that will be pursued with due diligence and precision—to ensure the sustenance of Ecopetrol's exemplary trajectory. The integral roles that the outgoing leaders occupied entail a rich blend of expertise, strategic foresight, and an unwavering dedication to Ecopetrol's principles and objectives—an invaluable legacy carried forward by their interim replacements and, ultimately, their permanent successors.

As Ecopetrol S.A. hires anew, reinforcing critical positions with competent leaders who are to navigate the turbulence of the energy world, it reassures stakeholders of its enduring solidity and strategic alignment with the broader industry imperatives. The company’s acknowledgment and appreciation of the departing executives’ contributions set a tone of respect and gratitude that lays a foundation for future leadership to build upon. It reflects a culture that values collaboration, recognition, and the seamless passing of the baton in its corporate relay towards excellence.

The global energy landscape stands at the cusp of transformation, and companies like Ecopetrol S.A. are at the helm of driving change. With its prioritization of continuity in leadership, dedication to corporate evolution, and unwavering commitment to its employees and stakeholders, Ecopetrol’s management rotations epitomize the strategic readiness that will define its navigational prowess for years to come.

In conclusion, Ecopetrol’s announcement of the rotation within its upper echelons signifies a time of both reflection upon the contributions of its exiting members and anticipation for what the future leadership will bring. The oil giant’s proactive strategy and measured approach in shaping its management architecture serves as a testament to its robust corporate governance and forward-thinking leadership—a narrative that will continue to unfold as Ecopetrol propels forward in its journey as an icon of energy innovation and a bulwark of industrial prowess.

SOURCE: Ecopetrol S.A.

This news article has been brought to you by the insightful and detailed announcements from Ecopetrol S.A. Read the full statement on their website for a deeper dive into the corporate shifts and the company's strategic intent.