Ecopetrol shares have have shed about two-thirds of their value since early 2013. Its woes were compounded by a 41% plunge in third-quarter profits due to the sharp drop in oil prices and production bottlenecks. The board said it would turn to international head-hunting firms to help find Gutierrez's replacement, and hoped to have a name to announce by the next shareholder assembly. Gutierrez will remain until then, it said on Friday. "Under his management, the company managed to double hydrocarbon production, enabling Colombia to enter into the group of the world's 20 biggest oil producers," the board's statement said, thanking Gutierrez for his achievements. Analysts said Ecopetrol was in a difficult position after falling far short of ambitious production targets announced around five years ago. Some of the reasons, such as attacks on pipelines and regulatory delays, were beyond company control. "I don't think the shareholders wanted his head, because he had a good reputation.