Ecopetrol Director Vélez Galeano Resigns During Board Restructuring

Ecopetrol board member Hildebrando Vélez Galeano resigned from his position effective September 15, 2026. This departure coincides with a leadership transition as the state-controlled energy company installs a new board slate under the administration of President Abelardo de la Espriella.

His departure occurred during an Extraordinary Shareholders' Meeting held on the same day, which finalized the election of a new board of directors. The company confirmed that its governing body remains functional and capable of deliberating on corporate strategy.

"Ecopetrol thanks Mr. Vélez Galeano for his contributions to the Board of Directors during his tenure, particularly his leadership and contributions on environmental matters and his continued commitment to strengthening the Company's relationship with local communities and regions," the company said in a statement regarding the transition.

Context of the Board Transition

The appointment of a new board represents a shift for Ecopetrol, which is Colombia’s largest company by market capitalization. Under the newly elected slate, the administration of President de la Espriella aims to set a new course for the firm's energy transition policies and operational focus.

Board composition at Ecopetrol is sensitive because of the company's hybrid ownership model, where the Colombian government holds a majority stake. Changes to the board often signal shifts in national energy policy, specifically regarding the balance between traditional oil and gas extraction and renewable energy investments.

Governance and Continuity

According to a regulatory filing, the Board of Directors will continue to validly deliberate and adopt decisions with its remaining members. The transition during the extraordinary meeting was designed to prevent a lapse in corporate governance during the changeover of leadership.

Vélez Galeano’s tenure focused on environmental oversight and community engagement. These areas have become central to Ecopetrol’s operations in Colombia’s regions. The new board faces the task of maintaining these relationships while navigating the macroeconomic pressures impacting the global energy sector.