The Ecopetrol board of directors is set to decide the future of President Ricardo Roa today, March 24, 2026, after he has led the company since April 2023. The governing body of the Colombian oil company is reportedly divided on whether the engineer should continue to lead the nation’s largest company.
Sources confirmed that the first meeting between six members of the board took place at 8:30 a.m., with those members reportedly leaning towards dismissing concerns so Roa can remain president of the state-owned oil company. Those members include Hildebrando Vélez, Alberto Merlano, Ángela Robledo, Lilia Tatiana Roa, Juan Gonzalo Castaño and Carolina Arias.
The board then met with the Unión Sindical Obrera (USO) at 9:30 a.m., with the union confirming it will maintain its opposition to Roa’s continued tenure. This stance was solidified after the Attorney General’s Office accused Roa of influence peddling related to the purchase of a luxury apartment in Bogotá a week prior, prompting the union to ask the board to remove the executive from his position.
The board’s deliberations continue after a nearly 12-hour meeting on Thursday, March 19, focused solely on reviewing the legal situation of the state oil company related to the investigations surrounding Roa.
Cesar Loza, a former president of the USO, is reportedly the leading voice opposing Roa’s continuation at the company. The union argued in a statement that the allegations and multiple investigations currently underway against Roa “aggravate the company’s situation,” referencing the financial performance of the past year and the risks that could further impact its operations and strategy.
The USO has not ruled out calling for mobilizations if its demands are not met. Should a strike occur, approximately one-third of Ecopetrol’s workforce could cease operations, as 25,000 of the company’s 87,000 contractors and employees are represented by the USO.
Surprisingly, some within the national government appear to be opposing Roa’s continuation. Juan Gonzalo Castaño, who presented the Permian sale report last year, has also expressed concern over the accusations against Roa. According to reports in El Tiempo, two other independent members are also expected to submit administrative and legal documentation outlining their concerns.
Roa also faces a separate investigation regarding the alleged violation of campaign finance limits during Gustavo Petro’s presidential campaign, where Roa served as campaign manager.
The newly elected board faces potential administrative and judicial investigations if it is proven that the company’s reputation was affected and that the investigations into Roa impacted the oil company’s finances. This is due to procedures applicable to issuers of securities in both Colombia and the United States, where Ecopetrol is also listed.
the Securities and Exchange Commission (SEC), the U.S. Federal agency responsible for regulating the securities markets, is already monitoring the investigations related to Roa. However, President Petro has publicly backed Roa and ordered that he remain in his position.
The head of state asserted that “fraudulent witnesses” have been used in Colombian media to launch an offensive and “remove Roa from his position.”
