\r\n\r\nSince Quintero took his place at Medellín’s city hall, EPM, a multibillion-dollar corporation with operations from Mexico in the north to Chile in the south, has been plunged into scandal and crisis. The company which is supposed to operate independently according to a governance agreement, has billions of dollars of bonds in public debt markets, and its own rating, even though it is owned by the city of Medellín.\r\n

Timeline

\r\n
    \r\n \t
  1. December 2019 Former CEO Jorge Londoño Resigned days before Quintero assumed office. Quintero publicly insulted Londoño during Quintero’s mayoral campaign, and Londoño didn’t want to be around to hand the baton to whoever the new CEO would be.
  2. \r\n \t
  3. January 2020 — Mayor Quintero appoints Álvaro Guillermo Rendón Lopez as new CEO of EPM.
  4. \r\n \t
  5. August 2020EPM’s entire board of directors resigns, except for the mayor himself, accusing Quintero of precipitating a collapse in corporate governance
  6. \r\n \t
  7. August 2020EPM’s representative to the board of directors of Tigo UNE resigns in protest of the mayor’s governance and politicization of the entities.
  8. \r\n \t
  9. August 2020Ratings firm Fitch downgrades EPM, citing a “deterioration of corporate governance.
  10. \r\n \t
  11. August 2020 Several financial entities with credit exposure to EPM suspend commercial relations with EPM, as revealed in a filing submitted by EPM to the Colombian government.
  12. \r\n \t
  13. August 2020SINPRO, EPM’s largest labor union, holds a protest at EPM headquarters, and demands explanations for the CEO’s private gym despite the COVID pandemic, lease of an office complex in Bogotá, despite EPM being headquartered in Medellín. See Finance Colombia’s interview with SINPRO President Olga Lucia Arango here.
  14. \r\n \t
  15. August 2020 EPM announces a new board of directors, hand-picked by Mayor Daniel Quintero. The new board includes preschool teachers, politicians & attorneys, but is notably light on governance experience in large issuers of corporate debt like EPM.
  16. \r\n \t
  17. January 2021At Mayor Quintero’s direction, EPM took legal action against the consortium of contractors building EPM’s Hidroituango hydroelectric project. Quintero moved several months earlier to initiate mandatory mediation. When those collapsed in January, Quintero instructed EPM to launch lawsuits against the consortium CCC Ituango, comprising Coninsa-Ramón HConconcreto, and Brazilian firm Camargo Correa.  Additional parties to the conflict include insurers MapfreChubb, and Sura.
  18. \r\n \t
  19. February 2021A conflict that has been simmering behind the scenes between Mayor Daniel Quintero and his own appointed EPM CEO, Álvaro Rendón becomes public, with the CEO of EPM daring Quintero to fire him, and accusing him of attempting a personal takeover of the utility, appointing friends and personal representatives, though EPM is expected to be independent and professionally managed.
  20. \r\n \t
  21. February 2021EPM’s board of directors, installed by Quintero, fires Álvaro Rendón
  22. \r\n \t
  23. February 2021 — Former CEO Álvaro Rendón denounces Mayor Quintero as a menace to EPM’s corporate governance and independence.
  24. \r\n \t
  25. February 2021 SINPRO, EPM’s largest labor union, warns the battles between Medellín’s Mayor Quintero and former CEO Álvaro Rendón are jeopardizing the health and stability of the conglomerate.
  26. \r\n \t
  27. March 2021Rendón deposes Quintero: Colombia’s 18thCivil Circuit Court of Medellin accepts a motion for evidence requested by former EPM CEO Älvaro Guillermo Rendón associated with a possible lawsuit, that requires a written deposition by Medellín Mayor Daniel Quintero.
  28. \r\n \t
  29. April 2021Daniel Quintero via Twitter, & EPM via press release, announce Alejandro Calderón Chatet as the new CEO of EPM. In its announcement of the appointment, EPM clearly states (in Spanish) that Calderón is an economist with a specialization in business administration and economics from the University of California (it does not say which), and a masters in business administration (MBA) with an emphasis in finance from Harvard University. Both statements would later be revealed as false. Finance Colombia in its initial reporting, left out Calderon’s listed educational qualifications, because they seemed suspect.
  30. \r\n \t
  31. April 2021 \r\n\r\nSince Quintero took his place at Medellín’s city hall, EPM, a multibillion-dollar corporation with operations from Mexico in the north to Chile in the south, has been plunged into scandal and crisis. The company which is supposed to operate independently according to a governance agreement, has billions of dollars of bonds in public debt markets, and its own rating, even though it is owned by the city of Medellín.\r\n

    Timeline

    \r\n
      \r\n \t
    1. December 2019 Former CEO Jorge Londoño Resigned days before Quintero assumed office. Quintero publicly insulted Londoño during Quintero’s mayoral campaign, and Londoño didn’t want to be around to hand the baton to whoever the new CEO would be.
    2. \r\n \t
    3. January 2020 — Mayor Quintero appoints Álvaro Guillermo Rendón Lopez as new CEO of EPM.
    4. \r\n \t
    5. August 2020EPM’s entire board of directors resigns, except for the mayor himself, accusing Quintero of precipitating a collapse in corporate governance
    6. \r\n \t
    7. August 2020EPM’s representative to the board of directors of Tigo UNE resigns in protest of the mayor’s governance and politicization of the entities.
    8. \r\n \t
    9. August 2020Ratings firm Fitch downgrades EPM, citing a “deterioration of corporate governance.
    10. \r\n \t
    11. August 2020 Several financial entities with credit exposure to EPM suspend commercial relations with EPM, as revealed in a filing submitted by EPM to the Colombian government.
    12. \r\n \t
    13. August 2020SINPRO, EPM’s largest labor union, holds a protest at EPM headquarters, and demands explanations for the CEO’s private gym despite the COVID pandemic, lease of an office complex in Bogotá, despite EPM being headquartered in Medellín. See Finance Colombia’s interview with SINPRO President Olga Lucia Arango here.
    14. \r\n \t
    15. August 2020 EPM announces a new board of directors, hand-picked by Mayor Daniel Quintero. The new board includes preschool teachers, politicians & attorneys, but is notably light on governance experience in large issuers of corporate debt like EPM.
    16. \r\n \t
    17. January 2021At Mayor Quintero’s direction, EPM took legal action against the consortium of contractors building EPM’s Hidroituango hydroelectric project. Quintero moved several months earlier to initiate mandatory mediation. When those collapsed in January, Quintero instructed EPM to launch lawsuits against the consortium CCC Ituango, comprising Coninsa-Ramón HConconcreto, and Brazilian firm Camargo Correa.  Additional parties to the conflict include insurers MapfreChubb, and Sura.
    18. \r\n \t
    19. February 2021A conflict that has been simmering behind the scenes between Mayor Daniel Quintero and his own appointed EPM CEO, Álvaro Rendón becomes public, with the CEO of EPM daring Quintero to fire him, and accusing him of attempting a personal takeover of the utility, appointing friends and personal representatives, though EPM is expected to be independent and professionally managed.
    20. \r\n \t
    21. February 2021EPM’s board of directors, installed by Quintero, fires Álvaro Rendón
    22. \r\n \t
    23. February 2021 — Former CEO Álvaro Rendón denounces Mayor Quintero as a menace to EPM’s corporate governance and independence.
    24. \r\n \t
    25. February 2021 SINPRO, EPM’s largest labor union, warns the battles between Medellín’s Mayor Quintero and former CEO Álvaro Rendón are jeopardizing the health and stability of the conglomerate.
    26. \r\n \t
    27. March 2021Rendón deposes Quintero: Colombia’s 18thCivil Circuit Court of Medellin accepts a motion for evidence requested by former EPM CEO Älvaro Guillermo Rendón associated with a possible lawsuit, that requires a written deposition by Medellín Mayor Daniel Quintero.
    28. \r\n \t
    29. April 2021Daniel Quintero via Twitter, & EPM via press release, announce Alejandro Calderón Chatet as the new CEO of EPM. In its announcement of the appointment, EPM clearly states (in Spanish) that Calderón is an economist with a specialization in business administration and economics from the University of California (it does not say which), and a masters in business administration (MBA) with an emphasis in finance from Harvard University. Both statements would later be revealed as false. Finance Colombia in its initial reporting, left out Calderon’s listed educational qualifications, because they seemed suspect.
    30. \r\n \t
    31. April 2021 \r\n\r\nSince Quintero took his place at Medellín’s city hall, EPM, a multibillion-dollar corporation with operations from Mexico in the north to Chile in the south, has been plunged into scandal and crisis. The company which is supposed to operate independently according to a governance agreement, has billions of dollars of bonds in public debt markets, and its own rating, even though it is owned by the city of Medellín.\r\n

      Timeline

      \r\n
        \r\n \t
      1. December 2019 Former CEO Jorge Londoño Resigned days before Quintero assumed office. Quintero publicly insulted Londoño during Quintero’s mayoral campaign, and Londoño didn’t want to be around to hand the baton to whoever the new CEO would be.
      2. \r\n \t
      3. January 2020 — Mayor Quintero appoints Álvaro Guillermo Rendón Lopez as new CEO of EPM.
      4. \r\n \t
      5. August 2020EPM’s entire board of directors resigns, except for the mayor himself, accusing Quintero of precipitating a collapse in corporate governance
      6. \r\n \t
      7. August 2020EPM’s representative to the board of directors of Tigo UNE resigns in protest of the mayor’s governance and politicization of the entities.
      8. \r\n \t
      9. August 2020Ratings firm Fitch downgrades EPM, citing a “deterioration of corporate governance.
      10. \r\n \t
      11. August 2020 Several financial entities with credit exposure to EPM suspend commercial relations with EPM, as revealed in a filing submitted by EPM to the Colombian government.
      12. \r\n \t
      13. August 2020SINPRO, EPM’s largest labor union, holds a protest at EPM headquarters, and demands explanations for the CEO’s private gym despite the COVID pandemic, lease of an office complex in Bogotá, despite EPM being headquartered in Medellín. See Finance Colombia’s interview with SINPRO President Olga Lucia Arango here.
      14. \r\n \t
      15. August 2020 EPM announces a new board of directors, hand-picked by Mayor Daniel Quintero. The new board includes preschool teachers, politicians & attorneys, but is notably light on governance experience in large issuers of corporate debt like EPM.
      16. \r\n \t
      17. January 2021At Mayor Quintero’s direction, EPM took legal action against the consortium of contractors building EPM’s Hidroituango hydroelectric project. Quintero moved several months earlier to initiate mandatory mediation. When those collapsed in January, Quintero instructed EPM to launch lawsuits against the consortium CCC Ituango, comprising Coninsa-Ramón HConconcreto, and Brazilian firm Camargo Correa.  Additional parties to the conflict include insurers MapfreChubb, and Sura.
      18. \r\n \t
      19. February 2021A conflict that has been simmering behind the scenes between Mayor Daniel Quintero and his own appointed EPM CEO, Álvaro Rendón becomes public, with the CEO of EPM daring Quintero to fire him, and accusing him of attempting a personal takeover of the utility, appointing friends and personal representatives, though EPM is expected to be independent and professionally managed.
      20. \r\n \t
      21. February 2021EPM’s board of directors, installed by Quintero, fires Álvaro Rendón
      22. \r\n \t
      23. February 2021 — Former CEO Álvaro Rendón denounces Mayor Quintero as a menace to EPM’s corporate governance and independence.
      24. \r\n \t
      25. February 2021 SINPRO, EPM’s largest labor union, warns the battles between Medellín’s Mayor Quintero and former CEO Álvaro Rendón are jeopardizing the health and stability of the conglomerate.
      26. \r\n \t
      27. March 2021Rendón deposes Quintero: Colombia’s 18thCivil Circuit Court of Medellin accepts a motion for evidence requested by former EPM CEO Älvaro Guillermo Rendón associated with a possible lawsuit, that requires a written deposition by Medellín Mayor Daniel Quintero.
      28. \r\n \t
      29. April 2021Daniel Quintero via Twitter, & EPM via press release, announce Alejandro Calderón Chatet as the new CEO of EPM. In its announcement of the appointment, EPM clearly states (in Spanish) that Calderón is an economist with a specialization in business administration and economics from the University of California (it does not say which), and a masters in business administration (MBA) with an emphasis in finance from Harvard University. Both statements would later be revealed as false. Finance Colombia in its initial reporting, left out Calderon’s listed educational qualifications, because they seemed suspect.
      30. \r\n \t
      31. April 2021
        Finance Colombia