One of the oldest currently serving chairpersons of any major corporation in the world, Lazaro Brandao, has announced that he will be retiring as the head of Grupo Bradesco, the largest private bank in Brazil. The 92-year-old financier has been with the bank for more than 75 years, marking the end to one of the longest and most prosperous careers in the history of Brazilian finance.
In his place, he will be appointing Luiz Carlos Trabuco Cappi, the 67-year-old current CEO of the bank. In turn, Trabuco Cappi will be tasked with finding a replacement of his own, a process that is scheduled to be completed by no later than March of 2018.
Brandao first came to work at the bank all the way back in 1943, at the age of 16. He was able to get a job as a teller at the bank’s only branch even though he had dropped out before completing high school. But what he lacked in formal education he more than made up for in grit. Within his first two years, he was already in a managerial position with the bank. By the 60s, he was a regional manager.
In 1981, Brandao was appointed CEO of the firm. In 1990, he was tapped to be the company’s chairman as well. Between 1990 and 1999, he held both the positions of chairman and as CEO, the only time in the history of the company that one person has held both of the posts simultaneously on anything more than a temporary basis.
Now, Trabuco Cappi will once again hold both the CEO position as well as that of chairman, but these concurrent duties will only last until March of 2018. It is by that date that Trabuco Cappi must choose his replacement. While many have speculated about who he may choose to succeed him, some of the people closest to the process feel that they have a very good idea of who will end up being the next CEO.
At first, it was rumored that Trabuco Cappi may be willing to search outside the firm and possibly even outside the country for the next CEO. This was bolstered by the fact that he had been personally responsible for the creation of the first school for executives in the country, a move that he described as being in response to the dire lack of executive talent throughout the country. So sparse was the country’s pool of executive talent that major Brazilian businesses were often forced to import foreign nationals in order to find someone minimally competent enough to fulfill the duties that any CEO needs to do.
But Trabuco Cappi explicitly stated that he would not be breaking with company tradition, which dictates that all new CEOs must be recruited from within the ranks of the firm. This leaves only a few executives as being likely candidates to replace Trabuco at the company’s top slot.
While many of the junior-level executives from which the next CEO will be selected have a great deal of seemingly high-value laurels, such as seniority and advanced degrees, Trabuco Cappi is widely reported to be less interested in sheets of paper than of hard metrics of demonstrated competence in the field. As a result, it is believed that one candidate stands above all others in their likelihood to be appointed the next CEO of the bank.
Mauricio Minas, 56, is the bank’s chief IT officer. He was responsible for the creation of the Next online banking platform as well as the smooth integration of all of the tech assets from the HSBC acquisition in 2015. He is believed to be the likely replacement to Trabuco Cappi.