Brazil’s second largest bank was in a bit of a quagmire when its oldest serving chairman announced he would retire after over 25 years of service. The race to succeed the long serving chairman at Banco Bradesco appeared to have been mitigated by the ascension of Luiz Carlos Trabuco to the position left vacant. Luiz Carlos Trabuco, who is the bank’s CEO, will fill in the slot left by Brandao. He shall operate in these two capacities until March, when a new CEO will be elected.
Lazaro de Mello Brandao
Lazaro started working for the bank when he was 16 years old in 1943. He rose to the position of chairman, a position held only by one other person before him, after also having served as CEO for 18 years. In the position of chairman, he encouraged that new CEO’s be sought from within the company as opposed to recruiting from outside the bank. Bradesco, will therefore choose a new CEO in line with the arrangement set up by Lazaro de Mello Brandao. As a way of getting the right CEO, the company will pick from among the seven best executives to replace Luiz Carlos Trabuco.
Addressing journalists, Brandao said that a need existed to have the bank’s board renewed. He also said that he had stepped down on his own volition. With a new board in place there would be fresh ideas and a better approach. Bradesco told journalists that as much as he had resigned, he would still be running a few Bradesco holdings.
The Talent Pool
Trabuco, speaking to journalists said that the new CEO would have to respect the company’s talent pool. The current maximum age for the CEOs of the company has been 65, but this has now been changed to 67 to be able to accommodate Luiz Carlos Trabuco. Brandao was happy about the talent at the company and said he did not regret the work he had done in the company for the 75 years he has been there. Brandao said that his family was happy that he had decided to give it a rest.
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Possible Candidates for the Position
Since the bank wants to appoint a new CEO from already existing managers, here is a list of those tipped to be suitable replacements:
· Mauricio Machado de Minas: An IT department head. He started working for the company in 2009. He came to the company from CPM Braxis SA where he had also worked in a similar capacity.
· Alexandre de Silva Gluher: Is the current risk officer for the company. He worked together with another executive, Domingos Figueiredo Abreu, in one of the company’s biggest acquisitions: HSBC Holdings PLC. Alexandre has been in the company from 1976.
· Domingos Figueredo Abreu: A 58 year old man who has been leading the bank’s treasury. He joined the bank in 1981
· Marcelo de Araujo Noronha: since 2003 Marcelo has worked for Bradesco. This 52 year old man is in charge of corporate banking.
· Jose Augusto Pancini: He operates the bank’s high income department. He joined the bank in 1975
· Andre Rodrigues Cano: He is responsible for the company’s HR department. He was only recently promoted to top management and has been in the bank since 1977
· Octavio de Lazari, a 54 year old, works in the insurance department. Octavio started working for Bradesco in 1978.
Luiz Carlos Trabuco
Luiz Carlos Trabuco apart from being the chairman in Bradesco has also held several leadership positions including ANAPP as president. He served for one year. He has been on the managing board for the Brazilian Association for Listed Companies (ABRASCA) for three years since 2000. Luis’ post graduate degree is in sociology. He also studied politics. He went to University of Sao Paulo (USP) where he graduated. He started as clerk after he graduated. Because of the hardwork he showed, Bradesco became the second largest bank in Brazil in 2009.
Learn more about Luiz Carlos Trabuco Cappi: https://g1.globo.com/economia/negocios/noticia/sucessao-no-conselho-do-bradesco-foi-um-ato-planejado-diz-trabuco.ghtml