Even with the retirement of the longest serving employee Lazaro de Mello Brandao, Banco Bradesco SA is under the able stewardship of Luiz Carlos Trabuco. Brandao, 91, served as the chairman of the Osasco headquartered bank for 25 years. He joined the financial institution at its birth in 1943. At the time, Brandao worked as a clerk, but he rose through the ranks to be the CEO (replacing the founder of the bank, Amador Aguiar) of Bradesco in 1981; he served in the position for 18 years.
Although the exit of Brandao came as a hard blow to the bank owing to his many years of experience, the chairmanship position will remain occupied as Luiz Carlos Trabuco will step into the breach. Before assuming the chairmanship roles, Luiz Carlos Trabuco was the CEO of Bradesco since 2009. In fact, he is still the CEO of the institution until the bank appoints his replacement who will take office beginning next year March.
As the CEO and Chairman, Brandao called for the nurturing of Bradesco’s employees to head various departments or even rise to be CEOs or chairmen of the bank. He vehemently opposed the bringing in of professionals from other institutions to come and directly exercise leadership over Bradesco or its employees. An analysis of many Bradesco’s leaders reveals a common trend: most of them have risen through the ranks to get to where they are currently. An example is Luiz Carlos Trabuco who joined the bank in 1969 as a clerk, and since then he has served Bradesco in different capacities before becoming the CEO and recently, the chairman.
As Luiz Carlos Trabuco prepares to hand over the presidency of the second largest private bank in Brazil, pundits are busy trying to figure out who might replace him. According to them, it is no secret that Mauricio Machado de Minas, Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, Octavio de Lazari, or André Rodrigues Cano will replace Luiz Carlos Trabuco.
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Analysts considered Brandao’s sentiments regarding the appointment of leaders. Therefore, when they generated a list of the most likely candidates to replace Luiz Carlos Trabuco, they considered only Bradesco’s employees. Also, over the years, the trend by Bradesco to appoint CEOs who are in their early or mid-50’s was a factor in generating the list. In fact, the youngest professional in the group, Noronha, is 52 years. The average age for the group is 56 years. The oldest expert in the group, Cano, is 59 years and if appointed, he will serve for a maximum of eight years. Thanks to the new Bradesco’s by-laws which allow CEOs to hold office until they are 67 years old rightfully. The old laws ensured that Bradesco’s CEOs were 65 years and below. Going by the past by-laws, Luiz Carlos Trabuco, 66, would be unlawfully in office.
Luiz Carlos Trabuco was not handed the chairmanship of Bradesco on a silver platter. The professional who has been at the bank for over 47 years has put Bradesco on the map. For example, two years ago, he convinced the board of directors that it was imperative to acquire the Brazilian branch of HSBC Holdings Plc. The bank went ahead to buy the said financial institution for a whopping $5.2 million. The purchase was considered the most significant one in Brazil and Latin America in 2015. Also, the acquisition revived the bank’s hopes of becoming the leading private bank in Brazil; a tittle Bradesco continually held until 2009 when Itaú Unibanco came to life. Pundits concur that the, in fact, the acquisition put Bradesco ahead of its main competitor in certain aspects.
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