EC - Ecopetrol taps Roa as new CEO amid transition to renewable energy

2023-04-12 08:48:22 ET

Ecopetrol ( NYSE: EC ) announced Wednesday it appointed Ricardo Roa Barragán as its new CEO , who will assume the role no later than April 30.

Roa is a mechanical engineer with more than 30 years' experience, particularly in leading strategic transformations in the energy sector, the company said.

The government of President Gustavo Petro has promised to transition Colombia away from its dependence on oil and gas exports towards greener, renewable energy sources.

Roa's appointment follows the recent exit of former chief executive Felipe Bayon, who stepped down at the end of March .

Ecopetrol ( EC ) stock is "a steal at 3.3x earnings with 22% dividend yield," Ian Bezek writes in an analysis published on Seeking Alpha .

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