"From SINPRO we see with great concern how in this administration there have been repetitive changes in the EPM structure and appointments that affect the transparency and the rigors that have characterized our company."
EPM’s management has been a constantly revolving door since Medellín’s Mayor Daniel Quintero took office, the utility seeing 4 CEOs in less than two years, resignation of the board of directors, and further intrigue. Now that instability appears to be affecting Afinia.
Not only did Quintero fire Rendón earlier this year after appointing him to head the city-owned utility conglomerate a year before, Quintero made several public statements that Rendón considers disparaging, slanderous, and untrue leading to the lawsuit.
City council member Daniel Carvalho has said enough is enough, and that the mayor’s mismanagement is putting Colombia’s second largest enterprise and Medellín’s single largest municipal revenue source at grave risk.
Bond investors and ratings agencies will be watching closely for signs that Carrillo has both the autonomy and acumen to successfully move the company forward while avoiding the political intrigue brewing in Colombia’s second largest city.
The letter of resignation came just hours after a contentious press conference where Calderón wished to discuss his investment plan, but the press, including Finance Colombia, wished to delve into the numerous gaps and inconsistencies in his qualifications.
Calderón has a background in finance and investment, working as a credit analyst for Standard & Poor in Paris, serving as the Colombian consul in Boston, Massachusetts during the Juan Manuel Santos administration, and holding several investment banking roles in Bogotá.