Ecopetrol President Resigns After Board Demand

COLOMBIA · ECOPETROL

Colombia’s biggest company changed president in a single evening. It happened hours after a newspaper published a recording nobody has denied.

Juan Carlos Hurtado Parra resigned as acting president of Ecopetrol on the evening of 14 September. The board chairman had moved that day to demand it.

The chief financial officer, Camilo Barco, took over as interim president the following day.

What Happened on Monday

Hurtado had run Ecopetrol as presidente encargado, an acting appointment, since April 2026. El Tiempo’s Unidad Investigativa published its report on the morning of 14 September.

The Ecopetrol board met the same day. The chairman, Luis Felipe Henao, moved to demand Hurtado’s irrevocable resignation.

It became public that evening. Camilo Barco, the company’s chief financial officer, was named interim president with effect from 15 September.

What El Tiempo Published

The report centres on a recording running 43 minutes and estimated to be about 18 months old. El Tiempo attributes the principal voice to Manel Grau, a Catalan businessman.

The paper describes him as a friend of President Gustavo Petro and of the former first lady Verónica Alcocer. Every element of this account comes from El Tiempo.

No charges have been filed, no prosecutor has opened a case, and the recording’s authenticity has not been independently established. Nor has it been denied.

Neither Grau nor anyone named in the report has publicly disputed the recording since publication.

Why a Resignation Followed So Fast

Ecopetrol is listed in Bogotá and has American depositary receipts on the New York Stock Exchange. Its governance is watched by index funds and rating agencies.

A board that waits for a report to be confirmed risks being seen to have waited. A board that acts within hours risks acting on a newspaper account.

Henao chose the first risk. The speed is the clearest signal available about how the board read the material.

Hurtado was an acting appointment, which made him easier to move than a confirmed president would have been.

Camilo Barco Arrives With a Public Position

Barco was chief financial officer and takes the top job on an interim basis. On 3 September he stated publicly that Ecopetrol has no plan to divest its stake in ISA, the electricity transmission group.

That matters now, because the former finance minister Mauricio Cárdenas has proposed exactly such a sale. Cárdenas wants Ecopetrol’s 51.4% of ISA sold to pension funds.

Ecopetrol bought that stake in 2021 for COP 14.2 trillion, about US$4.57 billion. Cárdenas values it today at COP 15 to 17 trillion, roughly US$4.8 to US$5.5 billion.

The new interim president is therefore on record against the highest-profile proposal now attached to his company.

A Company With Three Jobs

Ecopetrol produces and refines oil, and it also owns a majority of Colombia’s electricity transmission network through ISA.It is the single largest contributor to Colombian government revenue in most years, through dividends, royalties and tax.

It is also expected to deliver the government’s energy transition policy, which involves reducing the oil production that generates the revenue. Those three jobs have pulled in different directions throughout the current administration, and the presidency has turned over repeatedly as a result.

What the Market Sees

Colombia’s COLCAP index was essentially flat on Tuesday, down 0.06%, which suggests the market did not treat the change as a shock. Investors had already priced in an acting presidency.

Replacing one interim leader with another changes little about near-term operations. The harder problem sits further out.

A company that cannot keep a permanent chief executive has difficulty committing to multi-year capital programmes. Ecopetrol’s refinery investments and its offshore gas plans both run on timelines longer than any recent presidency.

The Silence Around the Recording

The resignation itself is documented. So is the board meeting, the chairman’s move, Barco’s appointment and the date of publication.

The recording is a different matter. Its length, its age, the identity of the voice and the relationships El Tiempo describes all rest on the paper’s own reporting.

No public authority has commented. No case has been opened.

The resignation is a fact. What it was a response to remains a newspaper’s account.

What to Watch

Whether the board appoints a permanent president or leaves Barco in place through the election. Whether the Fiscalía opens a preliminary inquiry into the material El Tiempo published.

Whether Barco’s position on ISA holds, given the pressure from Cárdenas and the government’s revenue needs. And whether anyone named in the report responds.

Ten days of silence would be its own kind of answer.

More: Colombia news and analysis, every day from The Rio Times.

Frequently Asked Questions

Who resigned from Ecopetrol?

Juan Carlos Hurtado Parra, acting president since April 2026, on the evening of 14 September.

Who is running Ecopetrol now?

Camilo Barco, previously chief financial officer, as interim president from 15 September.

What triggered the resignation?

El Tiempo published a report on 14 September about a 43-minute recording. The board met the same day and the chairman moved to demand his resignation.

Have charges been filed?

No. No prosecutor has opened a case and the recording has not been independently authenticated.

What is the ISA question?

Former finance minister Mauricio Cárdenas proposes Ecopetrol sell its 51.4% of ISA to pension funds. Barco said on 3 September there is no divestment plan.

Did Ecopetrol shares move?

Colombia’s COLCAP index was flat on Tuesday, down 0.06%.

Sources: El Tiempo Unidad Investigativa, Ecopetrol, Bolsa de Valores de Colombia, La República, Portafolio.