Ecopetrol reports senior management changes

Rhea-AI Summary

Ecopetrol S.A. announced senior management changes effective July 1, 2024, following a board meeting on June 28, 2024. Sandra Lucía Rodríguez will head the Corporate Vice Presidency of Territorial Transformation and Health Safety and the Environment. Jaime Pineda will take over the Vice Presidency of Administration and Services. Germán González will continue as Secretary General and manage the Corporate Directorate of Institutional Relations and Communications. Javier Cárdenas will temporarily fill the role of Vice President of Finance and Sustainable Value following María Catalina Escobar's resignation.

Ecopetrol is Colombia's largest company and a major player in the American energy sector, with over 18,000 employees. It oversees 60% of Colombia's hydrocarbon production and holds significant positions in petrochemicals, gas distribution, and energy transmission, particularly through its 51.4% acquisition of ISA's shares.

Positive

• Sandra Lucía Rodríguez's appointment to Corporate Vice Presidency of Territorial Transformation and Health Safety and the Environment may enhance the company's focus on sustainable development.
• Jaime Pineda's new role as Vice President of Administration and Services could streamline administrative processes and improve service quality.
• Germán González's continuation as Secretary General ensures stability in corporate affairs and institutional relations.
• Javier Cárdenas, taking on the role of Vice President of Finance and Sustainable Value, brings continuity from his previous position as Control and Reporting Manager.

Negative

• The resignation of María Catalina Escobar as Corporate Vice President of Finance and Sustainable Value may cause temporary instability in financial management.

BOGOTA, Colombia, June 28, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") informs that the Board of Directors, in its meeting held on June 28, 2024 adopted the following decisions:

As part of the implementation of the new organizational structure, approved and reported on June 6, 2024, the following appointments were made:

• Sandra Lucía Rodríguez, who currently serves as Vice President of Sustainable Territorial Development, will be in charge of the Corporate Vice Presidency of Territorial Transformation and Health Safety and the Environment.
• Jaime Pineda, who currently serves as Vice President of Procurement and Services, will be in charge of the Vice Presidency of Administration and Services.
• Germán González, who currently serves as Vice President of Corporate Affairs and Secretary General, will take on the position of Secretary General and will be in charge of the Corporate Directorate of Institutional Relations and Communications.

As a result of the voluntary resignation to the Company by María Catalina Escobar, the current Corporate Vice President of Finance and Sustainable Value in charge, the Board appointed Javier Cárdenas, who currently serves as Control and Reporting Manager, as Vice President in charge.

These assignments will be effective as of July 1, 2024 and until the appointment of permanent positions are made.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice. 

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Head of Capital Markets
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co

Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co

View original content:https://www.prnewswire.com/news-releases/ecopetrol-reports-senior-management-changes-302186249.html

SOURCE Ecopetrol S.A.

FAQ

What are the recent management changes at Ecopetrol (EC)?

Ecopetrol announced that Sandra Lucía Rodríguez, Jaime Pineda, and Germán González have been assigned new roles, and Javier Cárdenas will temporarily fill the role of Vice President of Finance and Sustainable Value.

Who is the new Corporate Vice President of Territorial Transformation at Ecopetrol (EC)?

Sandra Lucía Rodríguez has been appointed as the Corporate Vice President of Territorial Transformation and Health Safety and the Environment at Ecopetrol.

When will the new management appointments at Ecopetrol (EC) take effect?

The new management appointments at Ecopetrol will take effect on July 1, 2024.

Who is replacing María Catalina Escobar as Vice President of Finance at Ecopetrol (EC)?

Javier Cárdenas will temporarily replace María Catalina Escobar as Vice President of Finance and Sustainable Value at Ecopetrol.

Why did María Catalina Escobar resign from Ecopetrol (EC)?

The press release states that María Catalina Escobar's resignation from Ecopetrol was voluntary.