Jorge Castellanos Rueda Named New President of ETB, Bogotá’s Telecommunications Company

The City of Bogotá controlled telecommunications company, Empresas Telefonicas de Bogotá (ETB) (BVC:ETB) has seated a newly formed board of directors that, in their first meeting, elected Jorge Castellanos Rueda (above) as the new president. In Colombia, it is common for government controlled enterprises like ETB to change leadership when there has been a change in government. In this case, Enrique Peñalosa has been inaugurated as the new mayor of Bogotá, and the city holds 89% of ETB’s shares.

ETB awarded new security technology patent (see below)

Castellanos Rueda is an economist, with a PhD in Economics & Finance from Columbia University in New York City. He has previously worked as the Director of Public Credit in Minhacienda (Colombia’s Finance Ministry), Superintendent of Banking, Director of FOGAFIN (Financial Institution Guaranty Fund – analogous to the FDIC in the USA), and President of Bancafé (now part of Davivienda) . Castellanos also held positions at JP Morgan, The World Bank, as director of Banca de Inversión de Correval, and Darby Investment Bank.

Throughout his career, Castellanos has been recognized for his work on treasury and other debt, market valuation, solving Colombia’s past banking crises, reform of the electrical sector, restructuring of public and private entities, and establishment of private equity firms.

New Board of Directors

Last Wednesday, January 13, ETB announced the new board of directors, as named by the majority shareholder, the City of Bogotá, now controlled by newly inaugurated Mayor Enrique Peñalosa.

Women make up the majority of ETB’s new board of directors.

The seven main members of the new board are:

• Emilio Jose Archila, former Superintendent of Industry and Commerce
• Beatriz Elena Arbelaez, Ministry of Finance
• Maria Consuelo Araujo, Secretary of Social Integration
• Sylvia Escovar Gomez, president Terpel
• Maria Claudia Correa, an economist with expertise in international affairs
• Mario Pacheco MBA, economist
• Gisele Manrique Vaca, a lawyer specializing in public administration

The seven alternates named to the board are:

• Ana Maria Rojas, advisor to the Presidency of the Republic
• Hector Mauricio Escobar, manager of the firm Strategy and Consulting
• Alexandra Rojas Lopera, manager of Transmilenio;
• Andres Ortiz Gómez, Secretary of Planning
• Oscar Diaz, urban projects consultant
• Carlos Malagon, expert in administrative law, environmental and public services
• Mary V. Fernandez, lawyer with extensive experience in government contracting.

Emilio Jose Archila Penalosa (main) – Lawyer & alum of the Universidad Externado de Colombia (External University of Colombia). Specialist in Financial Law at the Universidad de Los Andes. Master of Comparative Jurisprudence (MCL) New York University (NYU) School of Law, New York. Development Law (DLC), International Development Law Institute, Rome. He has served as director of the Legal Office of the Ministry of Economic Development (now of Commerce, Industry and Tourism), CEO for Insurance Banking Superintendency (today Financiera Colombia), Superintendent of Industry and Commerce and Chairman of Asobolsa. He is currently Director of the Department of Economic Law of the Universidad Externado arbitrator various arbitration and conciliation centers and partner Archila Lawyers.

Ana Maria Rojas Villamil (alternate) – She is an economist and lawyer, and graduate from the University of the Andes, with a Masters in Economics from the same university and Master in Public Policy from Georgetown University. She is currently advisor to the Ministry of the Presidency, the Presidency of the Republic and served as Director of the Center for Social Innovation, the National Agency for Overcoming Extreme Poverty.

Ministry of Finance, Beatriz Elena Martínez Arbeláez (main) – She is an economist who studied at the Universidad Externado de Colombia, with studies in Business Administration and Regional Development Planning at the University of the Andes, Master of Finance, University of Strathclyde (Strathclyde University) in Glasgow, Scotland and Administration of Economic Policy of Columbia University in New York. In the Colombian public sector she has served as Division Chief of Programming and Budget Control at the National Planning Department and Director General of Economic Regulation at the Ministry of Finance and Public Credit and Vice President of Finance, Bancafé.

Mauricio Escobar Hector Hurtado (alternate) – He is an economist and graduate of the External University of Colombia with postgraduate studies in Transnational Business Management of the University. A professional with extensive experience in defining, structuring and implementation of solutions to corporate financial problems. He was an advisor of the liquidation of the Caja Agraria and transfer of assets to Banco Agrario de Colombia SA; Banking Superintendency consultant and advisor to the Director General of Public Credit. He was also an external advisor of the Banco Agrario. He is manager of the consulting firm Strategy and Consulting.

Secretary of Social Integration, Maria Consuelo Araujo Castro (main) – She is a professional in Finance and International Relations graduated from the Universidad Externado de Colombia, Specialist in Government, Management and Public Affairs of the External University of Colombia. She comes after positions as the president of Gran Colombia Gold Corp., Minister of Foreign Affairs, Minister of Culture, District Director of the Institute for Recreation and Sport and director of the José Celestino Mutis Botanical Garden.

Transmilenio manager, Alexandra Rojas Lopera (alternate) – He began his career at Planeación Nacionál (National Planning), led the Fondo de Prevencion Vial (Road Prevention Fund) and was undersecretary of finance during the first term of Bogota mayor Enrique Penalosa. He is an industrial engineer from the Universidad de los Andes and has a Masters in Economics from the University of Maryland. He worked at the National Bank Project Planning Department and was an advisor and chief negotiator of Colombia’s Free Trade Agreement with the United States, while at the Ministry of Commerce, Industry and Tourism.

Sylvia Escovar Gomez (main) – She is an economist at the University of Los Andes, with Advanced Econometrics studies at the University of Sorbonne, Paris. She is currently the president of the Terpel petroleum company, where she also served as National Manager of Fuels, as Administrative and Financial Manager, and Commercial Vice President. She also served as National Director of FES Leadership Institute.

Secretary of Planning, Andrés Ortiz Gomez (alternate) – she is an architect having graduated from the Pontifical Javeriana University, and with a Master of Science from the University of Oxford in Urban Planning in Developing Countries, and has taught as a Master’s Thesis tutor in Urban and Regional Planning at the Pontifical Javeriana University (2001-2008) as well as holding other academic positions.

Maria Claudia Correa Ordoñez (main) – She is an economist at the University of Los Andes, with a Masters in Economics from the same university. Additionally, she holds an MA in International Affairs and Economic Policy Management from Columbia University in New York. She served as project manager at Efromovich Silva Capital Partners and Skandia (Old Mutual). She has held various positions such as CIO, CFO, Vice President of Strategic Planning and Vice President of Special Business.

Oscar Edmundo Diaz (alternate) – In the last 15 years he has advised more than 50 local and national governments on different continents in terms of institutional structuring of urban projects. He is a member of GSD +, a consulting firm that has worked on the institutional and financial structuring of urban projects in cities across the Americas, Africa and Asia.

Mario Pacheco (main) – He is an economist from the University of Los Andes, with a MBA from the University of Michigan and PMD from Harvard University. He has belonged to the boards of Cardioinfantil, Incolda Hospital, Fundacion Semana, Fundacion Colfondos and the National Museum. He has extensive experience in the financial sector and was president of Banco Colpatria from 1986 – 1990, among other positions in the same corporation.

Carlos Malagón Bolaños (alternate) – He is a lawyer that graduated from the External University of Colombia, with a specialization in Economic Law at the same university. He has practiced law for 35 years in the areas of administrative, environmental and public services, regulatory affairs and government procurement law. He was Vice President of Legal affairs at ETB, Deputy Minister of Justice and Law, and he belongs to the list of arbitrators registered with the Chamber of Commerce of Bogota.

Gisele Manrique Vaca (main) – She is a lawyer and graduate of the External University of Colombia with a specialization in Public Administration and a Masters of Law at the University of Los Andes. With over 20 years of experience in the public sector. She has served as attorney for the Plenary Chamber of the Constitutional Court, Local Mayor of the Barrios Unidos sector of Bogotá, Chief of Regulatory Competition in the field of television and Innovation – COLCIENCIAS, and served as director of Fiscal Control of the Auditor General’s Office .

Mary V. Fernandez (alternate) – She is a lawyer and graduate from the Universidad de la Sabana, specializing in contract law. She has more than 12 years of experience in administrative proceedings concerning competition and unfair competition. She has extensive experience in government contracting.

ETB Receives Anti-Theft Patents

In other news, ETB has received a fourth patent for “friction cup” keys that make up a theft and tamper-resistant system for securing manhole covers. In Colombia there has been a problem with theft of the metal manhole covers, and theft of the valuable copper wiring that they are designed to protect.

The security system was invented by Mauricio Barón Gutiérrez and Héctor Alfonso Suárez, both ETB engineers. The Superintendencia de Industria y Comercio issued the patent via resolution # 84692.

ETB owns 120,000 manhole covers throughout metropolitan Bogotá, protecting its subterranean fiber optic network that covers 65% of Bogotá, and the copper network that covers the city in its entirety.

The demand for copper driven in the past by China’s thirst for the material, resulted in international mafias that facilitated an epidemic in cable and wiring theft in Colombia and other countries, including the US. China’s deceleration has caused the price of copper to drop from $4 USD last year, to $2.50 currently, helping to mitigate the situation. On the other hand, the strong dollar takes away much of this advantage.