Finance Colombia has learned that Jorge Londoño De la Cuesta has resigned his post as head of Empresas Públicas de Medellín (EPM), the country’s largest energy provider. Though it was expected De la Cuesta would be replaced by the incoming administration of mayor-elect Daniel Quintero, eyebrows are raised by this early renunciation. EPM is owned by the city of Medellín, and the mayor generally serves as chairman of the board of directors. Even though EPM is owned by the municipal government, it operates more like a typical company, even buying other utilities and assets outside of Colombia.
Executive Vice President of Corporate Finance, Investment & Risk Management Jorge Andrés Tabares Angél will serve as acting CEO until the incoming mayor names the new chief executive.
Londoño served through a period of crisis for EPM, when the mammoth Ituango hydroelectric project faced a crisis and was temporarily in danger of collapse. The controversial project was already underway when Londoño was appointed, though his management of the crisis was under a microscope as Ituango became a political football for local and departmental politicians.
Photo courtesy EPM