Banco Bradesco is a big bank. The 75-year-old bank has 73 million customers, more than 5,000 bank branches, and more than 56,000 ATMs. The bank’s main headquarters are in Sao Paulo, but there are overseas offices in Argentina, Luxembourg, Hong Kong, Japan, the Cayman Islands, Britain, the U.S., Mexico, and the Bahamas. Investors from around the globe watch Bradesco stock climb on the New York Stock Exchange as well as the Brazil stock market. The bank got its start in Marilia when Amador Aguiar saw the need for a local bank that could help farmers, small businesses, and government employees. Outgoing Chairman of the Board, Lázaro de Mello Brandão was a bank trainee in 1943. Amador Aguiar saw potential in Lázaro, and Brandão didn’t disappoint Aguiar. After serving the bank for the last 75 years in several key executive positions, Lázaro is stepping down so the current CEO, Luiz Carlos Trabuco can take his place.
Trabuco cut his banking teeth with Bradesco in 1969. But unlike the other bank trainees in those days Luiz was not a number’s person. His degree from the University of Sao Paulo was in philosophy. Luiz went on and got a graduate’s degree in psychology, but for some reason, Bradesco was the company for him. And Bradesco gave him every opportunity to succeed. Just like Brandão, Trabuco went through the training program and he ascended through the banking ranks quickly. He was a bank vice-president before Lázaro and the board gave him the president of the bank’s insurance division job in 2003. The insurance division, Banco Seguros, is one of the bank’s main profit centers. While Luiz was president, Seguros was responsible for more than 30 percent of Bradesco’s income. In 2009, the board gave Luiz the bank’s top job, and Trabuco didn’t disappoint them. For the last nine years, Mr. Trabuco has given Bradesco stockholders a reason to smile. Bank profits are through the roof, and investors seem to be standing in line to buy Bradesco stock on Wall Street.
Read more: Trabuco to Take Over the Presidency of Bradesco’s Board
Thanks to Lázaro, Luiz is taking over as Chairman of the Board while he is still the CEO. Lázaro at 91, is the oldest banker on record, and Trabuco is too old to be the bank’s CEO going forward because of the banks CEO age cap. So the Bradesco’s board is looking for a new CEO, but they are not looking at candidates outside of the main headquarters. The seven men on the short list are all current Bradesco executives. Trabuco knows their strengths and weaknesses because most of the men are long-time bank employees. All seven men are in their 50s, and they all play an important role in the bank’s current success. The more than 100,000 bank employees are ready for a new boss, but no one knows who will get the job. But they don’t have to wait much longer. Trabuco and the other members of the board will pick a new CEO in February 2018. And the new CEO will make his first official appearance at the shareholders meeting 30 days later.
According to g1.globo.com the seven candidates all have what it takes to be CEO because of their close relationship with Trabuco. But two candidates seem to be favorites, according to some Bradesco branch employees. Mauricio de Minas, the IT vice-president could be the next CEO, and so could Alexandre Glüher. Glüher is the man who put the HSBC acquisition together in 2015. But the five other men in the race for CEO have great credentials too. Josué Pancini, Domingos Abreu, Andre Cano, Octavio de Lazari, and Marcelo Noronha are all capable bank executives with years of banking know-how.
Find more about Luiz Carlos Trabuco: http://www.valor.com.br/financas/5153264/bradesco-novo-presidente-saira-do-corpo-executivo-afirma-trabuco