Bradesco is about to make a highly anticipated decision, but with effects to generate many consequences for the bank. The market is embracing the announcement from Bradesco that CEO Lazaro de Mello Brandao will exit the chairmanship of the board of directors. Lazaro de Mello Brandao is one of the prominent executives who remained impressive for more than seven decades serving continuously in the bank.
This is a decision that led to other crucial changes within the financial institution. With the exit of Brandao from the board of directors, Luiz Carlos Trabuco who serves as the current CEO of the bank will take over the post. He will serve in the post until the new president is chosen in March 2018. Nevertheless, the announcement might take place earlier as Trabuco pointed out during a conference. He explains that the succession is a process as he guaranteed that his successor has not yet been picked. On top of that, he adds that his company is large, complex and segmented and these features must reflect in the choice of the professional who will be appointed.
In the announcement, Trabuco assured that the new CEO of the bank would be chosen from the board members. Since the bank was established, it selects hose executives to manage the organization instead of hiring a CEO from outside.
New CEO of the Bradesco
Luiz Carlos will continue to serve in the two positions until the first conference of the collegial after the general meeting of stakeholders that is planned to take place in 2018. It is during the conference that new president of the second biggest private financial institution will be elected. Mr. Trabuco pointed out that his inheritor of his position is not yet nominated and there is no forecast to antedate the choice of the most appropriate executive before March. He adds that it will be just a usual, routine procedure, respecting the expertise for the exercise of the duties of the company.
For Luiz Carlos Trabuco, there is no demarcated profile for his successor to the bank’s command. However, he expects leadership skills and owns light as the desired qualities. Consisting of eight members, ex-bank executives and members of the Aguiar family, the Bradesco’s board of directors holds a vacant position with the rise of Trabuco. The banker points out that the plans to increase the organization’s working force in a further wave are underway.
Extension of the mandate of Trabuco
It is the amendments to the company’s rules that gave Mr. Trabuco the mandate to carry on working as the CEO of Bradesco. Luiz Carlos Trabuco pointed out that it was the purchase of HSBC that triggered the postponement of his retirement. Additionally, the company has announced that it will propose increasing the age limit for the 65-year-old CEO to 67. This will postpone Trabuco’s expected exit.
The news about the departure off Brandao was announced a day before he submitted his resignation at 91 years. He served as the company’s chairman since 1990 as he held various duties on all its subsidiaries. He will still serve as the chairman of the boards of the parent firms of the organization. Among those who may take over Luiz Cappi’s position include, Mauricio Machado de Minas, Domingos Figueiredo Abreut, Josué Augusto Pancini, Alexandre da Silva Gluhe, André Rodrigues Cano, Octavio de Lazari and Marcelo de Araujo Noronha.
About Luiz Carlos Trabuco
Born in 1951 in a small town in Sao Paulo called Marilia, Luiz Carlos Trabuco Cappi serves as the CEO of the second most significant financial institution in Brazil known as Bradesco. In 2015, Isto É Dinheiro magazine recognized him as the entrepreneur of the year in the category of finance. The banker is a graduate of Sao Paulo de Marilia where he studies philosophy and science. He also holds a Socio-Psychology postgraduate degree from Fundação School of Sociology and Politics of São Paulo.