Ecopetrol CEO Ricardo Roa to Face Board Decision Amidst Legal and Political Pressure
Bogotá, Colombia – Ecopetrol SA’s board of directors is scheduled to meet on March 30, 2026, to determine the future of Chief Executive Officer Ricardo Roa, as mounting pressure from political factions and labor unions threatens to destabilize Colombia’s largest company. The decision comes as Roa faces legal challenges and scrutiny over his past involvement in political campaigns.
Legal Challenges Facing Ricardo Roa
Ricardo Roa currently faces two separate legal investigations. The first is an indictment for influence peddling related to the purchase of an apartment in Bogotá. The second investigation concerns potential violations of campaign finance regulations during the 2022 presidential campaign of current Colombian President Gustavo Petro, where Roa previously served as campaign manager.
Union Opposition and Government Support
The Unión Sindical Obrera (USO), a union representing over a third of Ecopetrol’s direct workforce, has publicly called for Roa’s removal. The USO, traditionally an ally of President Petro’s government, has threatened to strike if its demands are not met. Despite the legal challenges and union pressure, President Petro has publicly defended Roa, describing him as a trusted ally and warning against an alliance between the labor movement and opposition groups.
Board’s Previous Decision and Ongoing Evaluation
On March 25, 2026, Ecopetrol’s board of directors reaffirmed its support for Roa, citing the principle of presumption of innocence. The board, where the government holds a majority of seats with an 85.5% stake, has initiated internal monitoring measures and is receiving advice from legal counsel in Colombia and the United States. Yet, the final decision regarding Roa’s position will be made at the upcoming meeting on March 30th.
Potential Impacts
The outcome of the board’s decision could have significant implications for Ecopetrol, Colombia’s largest company. A potential strike by the USO, coupled with ongoing legal and political scrutiny, could disrupt operations and damage the company’s reputation. The board is currently assessing potential regulatory and contractual impacts related to the allegations against Roa, but has stated that, as of March 25, 2026, no such impacts have been identified.
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