Company News Sep 3, 2021 2:52 PM
Following the resignation of Bernardo Vargas Gibsone as president of ISA, some candidates are already being considered for his replacement.
One of the candidates is María Fernanda Suárez, former Minister of Energy, who resigned in June 2020; she was part of ISA’s Board of Directors between 2012 and 2013, La Republica reported.
However, Suarez has a disqualification and could take her out of the race for the presidency.
Another candidate is Tomás González, who left MinEnergia in 2016 and was also on the board of ISA and Ecopetrol (NYSE: EC).
Milena Lopez Rocha is another candidate; she is CFO of Cenit at present. Lopez has had experience as a member of the boards of ISA, Isagen, Ecopetrol, Davivienda, among others and in the public sector she was director of Public Credit at Minhacienda.
A fourth name that has been mentioned in the sector is that of Orlando Cabrales, current CEO of Frontera Energy. He has been member of the Board of Directors of ISA, Isagen and Cenit, among others.
The joint venture with Ecopetrol will be one of the main challenges of the new ISA’s CEO with the goal of aligning the strategies of both companies.
Acolgen’s Natalia Gutiérrez said that another challenge will be to guarantee XM’s independence during the transition.
Andeg’s Alejandro Castañeda said that the new CEO will have to “reorient the company to new technologies and the structure of electricity markets.”
Bottom-Line: The challenges are enormous in the new reality of ISA and ECP. This will no doubt be the first of many as ECP decides whether to appoint a company insider, a politically-oriented leader like a former Minister or Vice Minister, or someone with experience in the sector.