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Alvaro Rendón Ousted From EPM By Quintero’s Board of Directors

Posted On February 2, 2021
By : Loren Moss
Comments: 3
Tag: alvaro rendon, alvaro rendón daniel quintero, board of directors, colombia, daniel quintero, empresas publicas de medellin, epm, framework relations agreement, medellin, monica ruiz arbelaez

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.

EPM Acting General Manager Mónica Ruiz Arbeláez

EPM Acting General Manager Mónica Ruiz Arbeláez

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.

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About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
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More Turmoil At EPM: CEO Alvaro Rendón Dares Medellín Mayor Daniel Quintero To Fire Him

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Former CEO of EPM Denounces Medellín’s Mayor As A Menace To The Utility’s Corporate Governance & Independence

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3 Comments

  1. Pingback: Finance Colombia » Legal Reconciliation Between Ex EPM CEO & Medellín Mayor Daniel Quintero Fails

  2. Pingback: Finance Colombia » Medellín’s Mayor Quintero To Be Deposed Over Firing Of EPM General Manager

  3. Pingback: Finance Colombia » Former CEO of EPM Denounces Medellín’s Mayor As A Menace To The Utility’s Corporate Governance & Independence

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