Ecopetrol's board will meet on March 30 to decide if Ricardo Roa remains CEO amid judicial probes and pressure from the USO union and President Gustavo Petro. Four of nine members backed his dismissal in Tuesday's meeting, with no decision reached. The oil workers' union USO threatens strike if he is not removed.
Ecopetrol's board postponed its decision on CEO Ricardo Roa until March 30, after Tuesday's meeting where four of nine members supported his dismissal, according to a person familiar with the discussions. Roa faces Colombian prosecutor's investigations into alleged influence peddling over a luxury apartment purchase in Bogotá and potential breaches of spending limits in Petro's 2022 presidential campaign, which he managed. Roa has denied any wrongdoing, and Ecopetrol declined to comment on the internal split or upcoming meeting. The USO union stated the probes “generan riesgos” to the company's operations and strategy, warning of potential U.S. SEC scrutiny. In a statement, the union urged the board to act ethically to regain trust. Petro backed Roa on X, saying “no era el momento para cambios en la dirección” and that the firm must “mantenerse fiel a su plan hasta el último día.” The board is assessing risks with its Corporate Compliance Directorate and external advisors from Colombia and the U.S., stating no regulatory breaches or authority notifications received. Ecopetrol's stock fell 1.49% on the BVC to $2,645, with its ADR down nearly 1% to $14.42 in New York, despite a 44% year-to-date gain from oil prices. Roa has led Ecopetrol since April 2023, succeeding Felipe Bayón.
