Ricardo Roa will temporarily step down as president of Ecopetrol amid the most serious crisis he has faced since taking office. The board of directors authorized his departure on vacation, followed by an unpaid leave, in a decision that removes him from leading the country’s main state-owned company while investigations against him move forward.
The measure comes after weeks of mounting pressure over his continuity. Although it is not a dismissal, his departure reflects the deterioration of his position within the company and an attempt to contain a crisis that is already affecting Ecopetrol’s governance, reputation, and political environment.
The decision was made in light of two legal proceedings against him: one for alleged influence peddling in the purchase of an apartment, and another for exceeding electoral spending limits during his tenure as manager of Gustavo Petro’s 2022 presidential campaign.
Ricardo Roa steps down temporarily as president of Ecopetrol in Colombia
The board approved that Roa be absent from this Tuesday, April 7, until the end of May on vacation, and subsequently until the end of June on unpaid leave. During that time, the company will be led by an acting president, in an arrangement aimed at maintaining operations without making a definitive decision about his future.
The departure has been presented as a temporary solution. It allows Roa to focus on his legal defense while at the same time reducing immediate pressure on the company. However, it also highlights the difficulty of keeping him in the position amid the controversy.
The timing of his absence coincides with the presidential campaign and a potential runoff in June, when a reshuffle of the board of directors could take place, meaning Roa may not return to the position. In fact, that change could open the door to a definitive decision regarding the company’s presidency.
Roa faces two legal fronts that have weakened his standing. The first is a formal charge for alleged influence peddling related to the purchase of a luxury apartment, a transaction that has raised questions about possible conflicts of interest.
The second case is tied to the financing of Gustavo Petro’s 2022 presidential campaign, in which he served as manager. Investigations point to alleged irregularities in the handling of funds, a particularly sensitive issue due to its political implications and one that is currently under judicial review.
Both cases are progressing in parallel and keep Roa under constant scrutiny. Although he has defended his innocence, the accumulation of questions has affected his credibility and brought the issue into Ecopetrol itself.
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Internal pressures and corporate governance crisis
The controversy has created divisions within the board of directors. Several members have expressed concern about the reputational and legal risks of keeping him in the role, especially in a company listed on international markets and dependent on investor confidence.
Pressure has also come from the labor sphere. The company’s main union called for his resignation, a significant development given the organization’s historical weight within Ecopetrol and its proximity to sectors of the government.
This is compounded by warnings from analysts and minority shareholders, who have cautioned about the impact of the crisis on the company’s image. The discussion is no longer limited to Roa’s personal situation but has become a corporate governance issue.
Roa’s situation is shaped by his closeness to President Gustavo Petro, whose campaign he managed. That connection has turned his continuity into a political issue in the midst of the electoral process.
Sectors of the ruling coalition have defended his continuity and questioned the pressure for his departure. In contrast, other actors believe his presence undermines the credibility of both the company and the government itself.
Tensions have also been reflected in the relationship between the Executive and the board of directors. The president’s criticism of some of its members has fueled debate over the company’s independence and added a new layer of uncertainty.
Although he formally remains in the position, Roa’s temporary departure leaves his continuity in limbo. His eventual return will depend on the progress of the legal proceedings and the outcome of the political context in the coming months.