Ecopetrol announces nomination of Hernando Ramírez Plazas to its Board of Directors

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has announced the unanimous nomination of Mr. Hernando Ramirez as a candidate for its Board of Directors. This decision comes from representatives of the hydrocarbon-producing departments, under the agreement of the Nation's Declaration as the majority shareholder. The nomination will be forwarded to the Ministry of Finance and Public Credit for review. Ecopetrol, Colombia's largest firm, plays a crucial role in the oil sector, contributing over 60% of the nation's production and expanding its operations in the U.S., Brazil, and Mexico.

Positive

• Nomination of Hernando Ramirez could bring fresh perspectives and strengthen leadership within the company.

Negative

• Potential concerns regarding continuity and experience gaps with the new board nominee.

BOGOTA, March 19, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ) informs that, in accordance with the agreement of the Nation's Declaration as the majority shareholder, and in compliance with standing procedures, the representatives of the hydrocarbon producing departments have signed an agreement in order to unanimously nominate Mr. Hernando Ramirez as their candidate for the Board of Directors.

This agreement will be sent to the Ministry of Finance and Public Credit for the relevant purposes.

The document can be found in the following link:

https://www.ecopetrol.com.co/wps/wcm/connect/8420c82d-bf27-4343-84c2-1171f6dc4187/210303+Acta+firmada+de+postulaci%C3%B3n+Dptos+Productores.pdf?MOD=AJPERES&attachment=false&id=1616188015622 (available in Spanish)

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in the United States (Permian basin and Gulf of Mexico), Brazil and Mexico. Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice.

For further details, please contact:

Head of Capital Markets
Tatiana Uribe Benninghoff
Phone: +571-234-5190
Email: investors@ecopetrol.com.co

Media Engagement (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co

View original content:http://www.prnewswire.com/news-releases/ecopetrol-announces-nomination-of-hernando-ramirez-plazas-to-its-board-of-directors-301251323.html

SOURCE Ecopetrol S.A.

FAQ

What is the significance of Hernando Ramirez's nomination to Ecopetrol's Board of Directors?

The nomination is significant as it may influence company strategy and governance, impacting overall performance.

When was Hernando Ramirez nominated to Ecopetrol's Board?

Hernando Ramirez was nominated on March 19, 2021.

What are the next steps after Hernando Ramirez's nomination?

The nomination will be sent to the Ministry of Finance and Public Credit for approval.

How does Ecopetrol's leadership change impact its operations?

Changes in leadership can affect decision-making and company strategy, potentially influencing operational efficiency.

What company does the stock symbol EC represent?

The stock symbol EC represents Ecopetrol S.A.