During a board meeting yesterday called by EPM (Empresas Públicas de Medellín) CEO Alvaro Rendón after Medellín Mayor Daniel Quintero asked for his resignation, the board of directors, appointed entirely by Mayor Quintero, confirmed his firing.
The previous board of directors resigned in protest of what they saw as Mayor Quintero’s undue interference within EPM, which is set up to run as an independent, professionally managed utility. The utility, which owns multiple subsidiaries within Colombia and in several countries, issues debt on international capital markets and according to its corporate bylaws, is to operate at arm’s length from it’s owner, the city of Medellín, Colombia.
According to EPM, the new general manager of EPM will be selected by Medellín Mayor Daniel Quintero, “with observance of the Corporate Governance, especially the Framework Relations Agreement signed between the Municipality of Medellín and EPM and with the accompaniment of the Board of Directors.”
While the selection process is undertaken, the engineer Mónica Ruiz Arbeláez, currently Vice President of Strategy and Planning and with a 26 years in the company, will be acting General Manager.