Banco Bradesco is prospecting for a new chief executive officer (CEO) to take over from Luiz Carlos Trabuco. The vacancy for a new executive arose following the resignation of the 91-year-old Lazaro de Mello Brandao; he was the chairman of the bank for over 25 years, and he resigned on October 11.
His stepping down prompted the Osasco headquartered bank to promote Luiz Carlos Trabuco as the new chairman. Meanwhile, Trabuco will double up as the chairman of the board of directors of Bradesco as well as the CEO of the company until March next year when he will hand over to a new CEO.
Although Bradesco is secretive regarding the process of selecting a new CEO, sources familiar with the goings-on at the bank allude that the following seven professionals are among the top contenders for the presidency: Mauricio Machado de Minas, Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, Octavio de Lazari, and André Rodrigues Cano. They are high-ranking Bradesco’s employees in charge of various departments. Apparently, Bradesco will respect Brandao’s call to promote high performing Bradesco’s staff to leadership positions within the bank.
A closer look at the seven executives reveals that they share some similarities. For instance, they have worked at the bank for a considerable period. In fact, the average period that the seven have been at the bank is 31 years. Most of them joined the bank either as junior or mid-level employees, but all of them are presently in charge of central departments of the bank. What’s more, they are age mates; the average age of the seven is 56 years.
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Who is Luiz Carlos Trabuco?
The current chairman of the bank and the outgoing CEO is a respectable executive in Brazil’s financial sector. Trabuco, 66, joined the bank in 1959 and has been at Bradesco ever since. In 2015, he made it clear to all and sundry that Bradesco was in his DNA when he declined an offer take over the Brazil’s ministry of finance.
He managed to streamline the bank’s communication systems making them more welcoming for journalists and other members of the media fraternity. In 1992, Trabuco was appointed to be in charge of Bradesco Previdência; seven years later, executive vice president of Bradesco Seguros. Trabuco served in the position for close to four years before he was made to be in charge of Bradesco Seguros, an insurance subsidiary of Bradesco Banco SA.
Trabuco’s performance as the president of Bradesco Seguros earned him the presidency of the bank in 2009. Trabuco has leveraged his position to foster the bank’s growth. In 2015, he was at the forefront of acquiring HSBC Brazil for a whopping 5.2 billion. According to him, the purchase enabled the bank to achieve at once what it would have taken it over six years of organic growth. The acquisition was among the most significant transactions in Brazil in 2015.
For more information about Luiz Carlos Trabuco: visit reuters.com