PetroEcuador in management change

Ecuador

QUITO, July 12, 2018 – Marcelo Proano has been appointed as the CEO of Ecuador’s state-owned downstream company, PetroEcuador, international media reported Wednesday.

Proano will replace Carlos Tejada, who took the job only 10 months ago. Tejada has resigned for “personal reasons,” becoming the eighth company head to leave in the past 41 months.

PetroEcuador has been grappling with allegations of corruption in recent years. Prior to his leaving, Tejada had dismissed 100 financial, accounting and administrative employees who were under investigation.

Additionally, three of the NOC’s former CEOs are serving prison sentences, while a fourth fled the country while under investigation.