Where are the top executives removed from Ecopetrol after Ricardo Roa's arrival at the company?

Since President Gustavo Petro's administration began and Ricardo Roa became president of Ecopetrol at the end of April 2023, executives at the Colombian oil company began to leave one by one , completely overhauling senior management.

These movements generated great concern in Colombia because they involved the departure of professionals with the greatest experience and knowledge of the oil and natural gas industry.

One of the first to leave was Felipe Bayón, who was president of Ecopetrol for five and a half years, until March 31, 2023. His departure was a direct order from President Gustavo Petro.

For several months, he served on boards of directors, including EPM, but on June 1, he took over as CEO of GeoPark, which seeks to consolidate its position as one of the most important oil companies in Latin America.

"We believe he will be a catalyst to advance the abundant opportunities in our region and lead us to transformational growth. Felipe is a true explorer, operator, and consolidator," emphasized Sylvia Escovar, chairwoman of GeoPark's board of directors.

Additionally, after more than seven years with Ecopetrol, Alberto Consuegra Granger left the company on May 10, 2024. At the time, he was the last senior executive from former President Felipe Bayón's administration who remained at the oil company.

At the time of his departure, he was the company's executive vice president of operations, but he also served as Ecopetrol's acting president during the transition period following the departure of Felipe Bayón and the arrival of Ricardo Roa.

Alberto Consuegra now serves on the board of directors of Parex Resources, one of the main oil producing companies in Colombia. He assumed the position on June 1st.

Another executive who left Ecopetrol was Nicolás Azcuénaga, who was Ecopetrol's Corporate Vice President of Strategy and Business Development from November 2021 to September 2024.

During his tenure at the company, he led strategic deals such as the purchase of a 51.4 percent stake in ISA. Nicolás Azcuénaga is currently the general manager of Termoyopal, a natural gas-fired thermoelectric plant located in Casanare.

This departure follows that of Jaime Caballero Uribe, who was Ecopetrol's Corporate Vice President of Finance until August 2023. He is now GeoPark's Chief Financial Officer, a position he assumed in January 2024.

Experts highlight him as the most prepared financier in the industry, with knowledge of international markets, sustainability practices, and reporting under international standards.

Despite these changes, Ecopetrol's Corporate Vice President of Organizational Talent, Victoria Irene Sepúlveda, stated a few weeks ago that the company does not have a high turnover rate.

He explained that Ecopetrol has approximately 1,200 leaders, and only 6 percent have been replaced. Of this percentage, half have left the company for just cause, because they have other personal plans, or because they have reached retirement age.

"There's no high turnover rate at Ecopetrol. A company with 10,000 employees and a turnover rate of 2.6 percent is a very good indicator," he emphasized.

He also stated that Ecopetrol's new management has given him the opportunity to promote professionals who have been with the company for several years. These individuals have filled more than 60 percent of the vacancies in management positions that have opened.