Bradesco Scouting for a New CEO Ahead of Time

Whenever a corporate executive resigns, speculations ensue regarding his or her replacement. This is the situation currently at Banco Bradesco, one of the leading private banks in Brazil. Just last month, Lazaro de Mello Brandao, 91, stepped down from his post as the chairman of the bank. Immediately, the bank promoted the current CEO, Luiz Carlos Trabuco, to take over the chairmanship of the bank. The promotion of Trabuco came a few months before his tenure in office elapses. According to Bradesco’s bylaws, Trabuco will retire in March next year meaning a vacancy in the office of the president will open up.

Bradesco is putting its house in order by scouting for a new chief executive officer ahead of time. Trabuco has come out firmly stating the bank’s position regarding the appointment of a new president. According to him, the bank has reserved the position for a professional currently employed by the bank. Although Trabuco did not mention any names, people knowledgeable about the culture of the bank and its employees believe that Trabuco meant one of the following seven members of staff:

  • Mauricio Machado de Minas
  • Alexandre da Silva Gluher
  • Domingos Figueiredo Abreu
  • Josué Augusto Pancini
  • Marcelo de Araujo Noronha
  • Octavio de Lazari
  • André Rodrigues Cano

Mauricio de Minas, 58, is the head of Bradesco’s IT department. He joined the bank in 2009. Gluher, 57, is the bank’s chief risk officer; he has served the bank for 41 years. Abreu and Pancini are in charge of the bank’s treasury and branch network respectively. Abreu, 58, has worked at the Osasco based bank since 1981 while Pancini is the longest serving of the seven having joined the bank in 1975. Noronha, 52, is the youngest of the seven; he is the president of Bradesco BBI. Lazari, who joined the bank in 1978, is the president of Bradesco Seguros. Lastly, the 59-year-old Cano is the in charge of Bradesco’s human resources department. He is the oldest of the seven, and he joined Bradesco in 1977. Every one of them is qualified to be Trabuco’s successor, and the bank will likely have a difficult time deciding whom to choose.

Brandao resigned after serving the bank for over 74 years. He was hired as a clerk in 1943 just when the bank was getting off the ground. Over the years, he climbed up the corporate ladder of Bradesco twice replacing Amado Aguiar, the founder of Bradesco. First, he replaced him as the CEO in 1981; ten years later, he took over from Aguiar as the chairman of the bank. Brandao held both positions until 1999 when he let go of the presidency of the bank but held on to the chairmanship position until October 11—last month. Watch Trabuco Bradesco on youtube.

Trabuco, on the other hand, appears to be following the footsteps of Brandao. Just like him, Trabuco was assimilated to Bradesco in 1969 as a clerk. And just like Brandao he has remained and served the bank for over 48 years also rising through the various ranks of the institution. Trabuco would have succeeded Brandao in 1999, but Marcio Cypriano outperformed him in a hard-fought succession contest. Ten years later—1999—Trabuco replaced Marcio Cypriano, and eight years later he took over the chairmanship mantle from Brandao.

Over the course of his career, Trabuco has developed ingenious ways of keeping Bradesco at the top of Brazil’s banking industry. He advised the bank to acquire the HSBC Brazil in 2015. The bank went ahead to purchase the institution for $5.2 billion, and it does not regret the decision. The purchase put Bradesco ahead of its competitors including Itaú Unibanco in various aspects. Visit: https://www.bloomberg.com/profiles/people/2400673-luiz-carlos-trabuco-cappi

 

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