The 91-year-old Lazaro de Mello Brandao, who is one of the oldest serving banks chairmen in the world, stated that he was going to step down after serving more than two decades and a half in that role, in the banking and financial services company called Banco Bradesco SA. That triggered a succession race at the second-largest bank in Brazil (by market value). Luiz Carlos Trabuco Cappi, who is the current CEO, will replace Brandao and will hold the two positions until March next year when the bank will elect a new chief executive officer.
The executive, who began as a clerk in 1943, while he was just 16 years old, eventually became one of the only two chairmen Banco Bradesco SA has ever had as well as one of the four chief executive officers. He held that title from 1981 to 1999; he’s ranked among the oldest banking leaders in the world.
Brandao, who holds the number one employee badge at the Osasco-based Bradesco, said that there is a need for the board of the bank to assure its continuity. He added that he had decided to resign by himself. He will remain in charge of several holding companies of the Bradesco.
As chairman, Brandao managed to foster a management culture that valued executives promoted from the existing ranks of the company instead of searching outside for new talent. Bradesco is set to keep that course when choosing a replacement for Trabuco position. The bank is going to pick from among its seven top-ranking executives, people who know about the matter that was said.
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Recently, Trabuco was proclaimed as the bank’s board of directors’ new chairman. Trabuco stated that his predecessor’s resignation, Brandao, and the selection of his name to take his role were intended actions and that he had analyzed that for some time. Trabuco confirmed at a press conference that was held at the bank saying that the bank’s next president would be a member of the Bradesco board.
According to Trabuco, his successor hasn’t yet been chosen, and there’s no way of knowing who will be chosen before March. He continued saying that it’s going to be a regular, routine process, which will recognize the activity of the organization’s duties. For Trabuco, there’s no established outline for his assistant to the head of the bank, but he’s expecting leadership and visionary as the required qualities.
Comprised of a total of eight members, Aguiar family members, and the former bank executives, the board of Bradesco holds a vacant position with Trabuco’s rise. According to Trabuco, there are plans to expand the body of the group in a further wave, on top of the current replacement, but that hasn’t been confirmed yet.
In September last year, the bank announced it would propose increasing the age limit for the CEO who is 65 years old to 67, postponing the natural exit of Trabuco.
About Luiz Carlos Trabuco
Trabuco was born on Oct. 6, 1951, in Marilla, São Paul, Brazil. He graduated from the São Paulo-based School of Philosophy, Sciences, and Letters. He also attended the Sociology and Politics Foundation School in São Paul where he did his post-graduate in social psychology.
Trabuco began his career in 1969 at Banco Bradesco; in 1984, he was elected the director of that company. In the year 1999, he became the company’s vice president. From 2003 to 2009, Trabuco served Bradesco Seguros Group as the chairman, then after that, in 2009, he was elected as the CEO of Banco Bradesco. Trabuco also serves other Bradesco Organization companies as the CEO. He’s the vice chairman Banco Bradesco SA board of directors.
Find more about Luiz Carlos Trabuco: http://www.infomoney.com.br/blogs/bolsa/o-investidor-de-sucesso/post/7002925/quem-substituira-trabuco-comando-bradesco-nomes-estao-cotados-tudo-pode