Ecopetrol President: Colombia Picks Campaign Chief Gutiérrez From 28 September

COLOMBIA · ENERGY

The new Ecopetrol president is a close ally of Colombia’s leader, taking over a state oil giant whose profits have slumped.

Colombia’s state oil company has a new chief executive, and he comes from business and campaign politics rather than oil. The board picked Joaquín Gutiérrez Caballero as Ecopetrol president on Thursday 24 September, by unanimous vote.

Gutiérrez managed President Abelardo de la Espriella’s election campaign. He takes office on Monday 28 September, replacing interim chief Camilo Barco.

Who the New Ecopetrol President Is

Gutiérrez studied business administration at the Universidad del Norte in Barranquilla. Ecopetrol says he has more than 30 years of work experience and three specialist qualifications.

Those cover telecoms project management, telecoms law and health services management. His résumé, as published by Ecopetrol and Colombian media, shows no work in oil or gas.

He advised the Attorney General’s office and was deputy manager of De la Espriella Lawyers from 2006 to 2009, Infobae reports. He co-founded a private clinic in Barranquilla in 2017 and runs a developer with luxury projects in Santa Marta and Bogotá.

He managed the presidential campaign alongside Carlos Augusto Suárez. Suárez now chairs Ecopetrol’s board.

Gutiérrez and De la Espriella have been friends for more than two decades, El Colombiano reports. They have taken part in property ventures together, including the developer Desarrolladora Salguero.

During the campaign, Gutiérrez also coordinated the candidate’s agenda and events and handled relations with other political teams, Infobae reports. De la Espriella took office in August.

A Board Remade in September

Shareholders replaced six of the nine board members at an extraordinary meeting on 15 September. The government, which owns about 88.5% of Ecopetrol, put forward the new slate.

Suárez, a lawyer and political consultant, was then elected chairman. The president’s campaign chief and his chief strategist now lead Ecopetrol’s management and board.

The board chose Gutiérrez directly, without the headhunting firm used for such picks since 2007, Portafolio reported. Ecopetrol says its nomination committee led the process under the company’s succession policy.

The company said it wanted a leader with “an exceptional capacity for articulation”, meaning someone who can bring different sides together. It called the moment “especially challenging” for Ecopetrol.

A Company in Turmoil

Ricardo Roa, who ran Ecopetrol under former president Gustavo Petro, stepped aside in April on holiday and then unpaid leave. He returned briefly in late July and left the company on 30 July.

Roa faces two criminal cases, over alleged campaign-finance breaches in 2022 and alleged influence peddling, and denies wrongdoing. Petro’s 2022 campaign, which Roa managed, is at the centre of the first case.

Juan Carlos Hurtado Parra then led the company on an interim basis, followed by Camilo Barco. Gutiérrez will be the fourth person at the top this year.

Profits have fallen for three years in a row. Net income hit a record COP 33.4 trillion (US$10.0 billion) in 2022, under Roa’s predecessor Felipe Bayón.

It fell 42.9% to COP 19.1 trillion (US$5.7 billion) in 2023 and to COP 14.9 trillion (US$4.5 billion) in 2024. In 2025 it dropped another 39.5%, to COP 9 trillion (US$2.7 billion), Portafolio reported.

Output held up better than profit. Average production reached 746,000 barrels of oil equivalent a day in 2024.

For the 2025 drop, management blamed the exchange rate, lower Brent oil prices, inflation, new taxes and logistics problems. The new board has also inherited plans for a forensic audit of all transactions.

What the Union and Business Groups Say

Martín Ravelo, president of the oil workers’ union USO, welcomed Gutiérrez in comments to Caracol Radio. He said the first challenge is “to recover confidence in Ecopetrol, recover its credibility, especially with the markets”.

Ravelo also called for large projects to strengthen the core oil and gas business. He urged better relations with the regions where Ecopetrol operates.

Not everyone was as warm. De la Espriella presented Gutiérrez to the union in August.

At the time, El Colombiano reported that the choice did not sit well with some workers and people close to the company. The doubts centred on his closeness to the president, his lack of oil experience and health businesses he has been involved in.

Business associations have backed the appointment and set out priorities for him, Portafolio reported.

Why It Matters If You Live or Invest in Colombia

Ecopetrol is Colombia’s largest company and a major source of state income through dividends and taxes. Its shares trade in Bogotá and, as American depositary receipts, in New York.

Investors read the choice of chief executive as a signal of how far politics shapes the company. Even the union says the first task is winning back the markets’ trust.

On 24 September the Bogotá share was flat at COP 2,740 (US$0.82), Portafolio reported. The New York receipt fell 1.92% to US$16.37.

For people living in Colombia, Ecopetrol’s decisions reach fuel and gas supply. The new team must deal with exploration, falling reserves and gas supply, Portafolio notes.

What Comes Next

De la Espriella is due to welcome Gutiérrez in Santa Marta on Friday 25 September. The event is billed as “the rebirth of Ecopetrol”, and Gutiérrez formally takes charge on Monday 28 September.

Ecopetrol says his goals include stronger value creation and rigorous, transparent management. He is also meant to build bridges with the state, communities, investors and workers.

Sources: Ecopetrol press release via BNamericas, 24 September 2026; Infobae, profile of Joaquín Gutiérrez, 24 September 2026; Infobae, USO reaction, 25 September 2026; Portafolio, profits and board process, 24 September 2026; La República, 2025 profit, Ecopetrol results; El Colombiano, USO meeting, 24 August 2026. Exchange rate: Colombia’s official TRM for 25 September 2026, 3,329.61 pesos per US dollar; past profits are converted at this rate.

More: Colombia news in English, every day from The Rio Times.

Frequently Asked Questions

Who is the new president of Ecopetrol?

Joaquín Gutiérrez Caballero, a business administrator who managed Abelardo de la Espriella’s presidential campaign. The board named him unanimously on 24 September 2026.

When does he take office?

On Monday 28 September 2026. Interim chief Camilo Barco serves until Sunday 27 September.

Does he have oil-industry experience?

No. His career has been in business, law, health care, construction and farming, according to Ecopetrol and Colombian media.

Why have Ecopetrol’s profits fallen?

Net profit fell from COP 33.4 trillion (US$10.0 billion) in 2022 to COP 9 trillion (US$2.7 billion) in 2025. For the 2025 fall, management blamed exchange rates, lower oil prices, inflation, new taxes and logistics.

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