Lazaro de Mello Brandao, former chairman of the board of directors of Banco Bradesco SA, resigned on October 11, 2017. Brandao, 91, deserved a break after serving at the bank for 74 years. Although Brandao began his career at the Osasco based Bradesco as a clerk in 1943, he never stopped rising through various ranks at the bank. His big break came in 1981 when Bradesco named him the second CEO of the bank, replacing Amado Aguiar. 10 years later, the bank management settled on Brandao to chair the bank’s board, once again taking over from Aguiar who was also the founder of the bank. Between 1991 and 1999, Brandao was both the chairman and the CEO of Bradesco. While he stepped down as CEO for Marcio Cypriano in 1999, he continued serving as chairman until his recent resignation.
Brandao’s resignation meant that the bank ought to move swiftly and appoint his successor. However, it appears as if Bradesco had foreseen Brandao’s stepping down as Luiz Carlos Trabuco, the CEO of Bradesco, was immediately named the new chairman of the bank. Until his tenure as CEO elapses in March, Trabuco is doubling up as the chairman and CEO of the financial institution.
Although appointing a Brandao’s successor was a walk in the park for Bradesco. The bank has remained mum regarding the appointment of a new CEO. The bank is known to choose CEOs from its high ranking executives and speculations are rife that seven executives are presently under consideration. They include
• André Rodrigues Cano
• Octavio de Lazari
• Marcelo de Araujo Noronha
• Josué Augusto Pancini
• Domingos Figueiredo Abreu
• Alexandre da Silva Gluher
• Mauricio Machado de Minas
Whoever the bank will settle on must embody Bradesco’s DNA seen in other CEOs. The bank will not consider professionals in competing or related institutions.
Luiz Carlos Trabuco became the fourth CEO of Bradesco in 2009, succeeding Marcio Cypriano. At the time of assuming office, the world economy, Brazil’s economy included, was experiencing a downturn whose effects were felt at the bank. Also, Bradesco was experiencing a unique challenge as the merger between Itaú and Unibanco had created the formidable Itaú Unibanco threatening Bradesco’s control of the Brazilian banking sector. However, Trabuco was not cowed. He initiated projects aimed at making Bradesco triumph over Itaú Unibanco. Some of the projects include the creation of Unibrad corporate University to foster professionalism and quality service delivery among Bradesco’s employees according to globo.com. GlobalCCU Awards recently named Unibrad the “Best Corporate University in the World.”
A more direct swing at Itaú Unibanco occurred in 2015 when Trabuco and Brandao settled on acquiring the retail unit of HSBC Brazil for $5.2 billion. With the acquisition, Bradesco ranked better than Itaú Unibanco in the number of branch network, number of account holders, and total investment funds. Although Itaú Unibanco remained the market leader in assets, deposits, and loans granted, Bradesco is closely trailing it. As the chairman of the bank, wielding more power and influence, Trabuco is likely to initiate projects or acquisitions that will propel the bank to the helm of Brazil’s financial sector.
Contrary to popular beliefs, Trabuco is not an accountant, an engineer, or a financial analyst. The 66-year-old executive studied philosophy at Sao Paulo State University. He later pursued socio-psychology at Fundação School of Sociology and Politics. During his 48-year-career at Bradesco, Trabuco has been recognized by various institutions and publications. In 2016, Trabuco was among the Forbes Magazine’s “Best CEOs in Brazil.” Isto É Dinheiro Magazine had named him the “Entrepreneur of the Year,” in the finance category a year earlier. Trabuco won the Don Quixote Trophy in 2009 among other awards.
Search more about Luiz Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926043-lazaro-brandao-sera-substituido-por-trabuco-no-conselho-do-bradesco.shtml