Ecopetrol Board Adds Velasquez as New Government’s Pick

Colombia · Companies

Ecopetrol board member Jorge Mario Velásquez Jaramillo, the former president of Colombian industrial conglomerate Grupo Argos, was announced on 24 July 2026 as the first board appointment by president-elect Abelardo de la Espriella, part of a sweeping leadership overhaul at Colombia’s state-controlled oil company just days before the new government takes power.

An oil refinery at dusk (illustrative); Colombia’s state oil firm Ecopetrol is reshaping its board. Photo: Wikimedia Commons, CC BY-SA 4.0.

Inside the Ecopetrol Board Change

Jorge Mario Velásquez Jaramillo is an industrial engineer from the Escuela de Ingeniería de Antioquia, now Universidad EIA, with a specialization focused on the cement industry in England.

He holds executive education credentials from the Kellogg School of Management, Stanford University, and the Universidad de los Andes senior government program.

Velásquez led Grupo Argos, a major Colombian cement, energy, and infrastructure group, from 2016 to 2026, capping more than 30 years at the company.

His board experience includes directorships at Colombian energy company Celsia, road-concession operator Odinsa, insurance and financial services firm Suramericana, and the Proantioquia foundation.

President-elect De la Espriella presented Velásquez in Medellín as a representative of the incoming government’s approach to managing the state oil company.

A Board in Flux

Ecopetrol’s board is formally a nine-member body appointed by the general shareholders’ meeting, with the Colombian state holding an 88.5% stake.

The late-July reshuffle removes two directors closely associated with outgoing President Gustavo Petro’s agenda: Ángela María Robledo Gómez and Tatiana Roa Avendaño, both of whom resigned effective 31 July 2026.

Their exits follow the departure of Ricardo Roa Barragán, who left the presidency and CEO role on 30 July 2026 after a tenure shadowed by investigations into alleged campaign-finance and influence-peddling issues tied to the previous administration.

Luis Felipe Henao Cardona, described in Colombian media as close to the president-elect, took over as board chairman on 1 August 2026.

Juan Carlos Hurtado Parra was named acting president from 31 July 2026, giving the incoming government a clean slate at the top of the company.

The board had already been in flux earlier in 2026: an extraordinary shareholders’ meeting in February elected Ángela Robledo as chairwoman and Hildebrando Vélez Galeano as vice chairman, underscoring how rapidly the governance landscape has shifted.

What Ecopetrol does. Ecopetrol S.A. operates as an integrated energy company. It operates through four segments: Exploration and Production; Transport and Logistics; Refining and Petrochemicals; and Energy transmission and Toll Roads Concessions. The Exploration and Production segment engages in the exploration and production of oil and gas. The Transport and Logistics segment is involved in…

Political and Governance Context

Ecopetrol is Colombia’s largest company and a critical source of government revenue, making its board composition a deeply political matter with each change of administration.

The outgoing Petro government had pushed for an energy transition agenda that at times put it at odds with the oil-and-gas sector, while the incoming De la Espriella administration is expected to take a more industry-friendly stance.

The appointment of Velásquez, a veteran of Colombia’s private-sector establishment, signals a shift in tone from the state’s main vehicle for hydrocarbon production.

For foreign investors and expats monitoring Colombian assets, Ecopetrol board changes are a key governance indicator because the company trades on both the Bogotá stock exchange and the New York Stock Exchange under the ticker EC.

The Rio Times reported earlier on the broader Ecopetrol board shakeup, including CEO Roa’s exit and the resignation of Petro-aligned directors, in a piece that detailed the accelerating leadership transition.

What the Reshuffle Means for Investors

The simultaneous departure of the CEO and two board members aligned with the previous government concentrates appointment power in the hands of the incoming administration.

Velásquez’s background at Grupo Argos, a company with deep experience in infrastructure and energy through its subsidiaries Celsia and Odinsa, suggests a board focus on operational and financial discipline.

Colombian media framed the appointment as part of a broader governance reset, though market reaction was not immediately quantifiable in the available reports.

Ecopetrol’s American Depositary Receipts (ADRs) are widely held by international institutional investors, who typically view board stability and political independence as key risk factors for state-owned enterprises in Latin America.

The new board will face immediate questions about the company’s exploration strategy, dividend policy, and its role in Colombia’s energy transition, all of which have direct implications for minority shareholders.

Looking Ahead

President-elect De la Espriella takes office in August 2026, and further board appointments are expected as the new government consolidates control over the nine-member body.

The general shareholders’ meeting retains the formal power to elect directors, but in practice the majority state shareholding means the government’s picks are almost certain to be ratified.

Foreign investors will watch closely whether the new board maintains Ecopetrol’s dividend framework and its investment-grade credit ratings, both of which have been points of tension during past political transitions.

The company has not yet announced a permanent replacement for the CEO position, leaving acting president Hurtado Parra in place while the new board settles in.

For now, the Velásquez appointment marks the first concrete signal of how the De la Espriella government intends to govern Latin America’s fourth-largest oil company by production.

Connected Coverage

Related reporting from The Rio Times: Ecopetrol Board Shakeup: CEO Roa Exits July 30.

Frequently Asked Questions

Who was appointed to the Ecopetrol board in July 2026?

Jorge Mario Velásquez Jaramillo, the former president of Colombian cement and infrastructure group Grupo Argos, was named to the Ecopetrol board on 24 July 2026 as the first board pick by president-elect Abelardo de la Espriella.

Why did Ecopetrol board members resign in July 2026?

Directors Ángela María Robledo Gómez and Tatiana Roa Avendaño, both seen as aligned with outgoing President Gustavo Petro’s energy-transition agenda, resigned effective 31 July 2026 as part of a broader governance reset ahead of the new government taking office.

Who is Ecopetrol’s new CEO after Ricardo Roa left?

Juan Carlos Hurtado Parra was named acting president of Ecopetrol from 31 July 2026, following the departure of Ricardo Roa Barragán on 30 July 2026. A permanent CEO had not been announced at the time of the reshuffle.

Sources & Further Reading

El Tiempo · Ecopetrol