Ecopetrol CEO Exit Eases Strike Threat, Union Withdraws Protest Plans
Colombia's largest oil workers union, the Unión Sindical Obrera (USO), has retracted its strike threat following the removal of Ecopetrol SA's CEO, Ricardo Roa. The decision came after a board meeting where Roa was asked to take a leave of absence until June 28. This move was anticipated by investors, resulting in minimal market reaction. Roa's departure is linked to charges of influence peddling and alleged campaign finance violations during Gustavo Petro's 2022 presidential campaign. The union had previously warned that Roa's continued leadership could disrupt Ecopetrol's operations. With Roa stepping down, the union believes the company can refocus on its mission to create value for Colombia.