Ecopetrol’s U.S.-listed ADRs (EC) are down about 3.5% as investors react to a sudden leadership disruption: the company’s board approved an unpaid leave of absence for President (CEO) Ricardo Roa Barragán following a board meeting held April 6, 2026. The leave begins April 7, 2026, putting day-to-day execution under interim leadership at a moment when the company is already under intense political and reputational scrutiny. (prnewswire.com)

Roa is set to take vacation starting April 7 and then transition into an unpaid leave period that extends into late May/late June depending on the structure described in local reporting. The company has indicated that Juan Carlos Hurtado Parra will take over on an interim basis, which markets are treating as a near-term uncertainty shock rather than a clean succession. (elpais.com)

For ADR holders, the issue isn’t only operational continuity; it’s governance risk. The CEO’s temporary exit keeps attention on investigations and election-related controversy, raising concerns about decision-making bandwidth, stakeholder pressure, and potential shifts in strategic priorities driven by politics rather than returns. That risk premium can weigh on valuation even when oil prices are supportive. (elpais.com)

Near-term catalysts include clarity on who holds signing authority and strategic control during the leave, any additional board communications on governance and compliance, and developments in Roa’s legal calendar. Investors will also watch whether the interim period brings guidance updates on capex, dividends, and production targets, as well as any signals about longer-term leadership decisions once the political calendar clears. (prnewswire.com)