Lazaro de Mello Brandao is a distinguished banker whose career at Banco Bradesco SA, the second largest private bank in Brazil, evokes respect and envy in equal measure. Until his resignation on October 11, 2017, Brandao served as the president of the board of directors of Bradesco. As the chair of the board, he represented the Bradesco Foundation, which is the controlling shareholder of Banco Bradesco SA. Sitting at the helm of a $413 billion worth company, as per 2017’s statistics, Brandao commanded respect in not only Bradesco but also the entire Brazilian financial industry.
With age catching up to him, Brandao, 91, stepped down in the interest of Bradesco. According to him, his wilful resignation would give room for a younger leader to occupy the central post on the board of directors hence allowing for the bank’s continuity according to folha.uol.com.br. In his resignation address, Brandao affirmed that his career at Bradesco, spanning 74 years, is a source of both professional and personal satisfaction. He also stated that he would take with him his office desk as a souvenir. Bradesco recognizes the contribution of Brandao to the success of the bank; he owns Bradesco’s No. 1 employee badge. In fact, Bradesco was not ready to let him go, and he will remain in charge of some of Bradesco’s companies such as Bradespar SA and Fundação Bradesco.
However, even with Brandao’s departure, Bradesco must continue providing quality services to all its clients. The bank immediately appointed Luiz Carlos Trabuco, Bradesco’s CEO, to take over the role of Brandao. Trabuco has been the president of Bradesco for eight years. The executive is approaching 67, and he will not be eligible to remain in office as Bradesco’s bylaws restrict professionals older than 67 to discharge the duties of a president. Trabuco will resign in March. Bradesco’s is planning ahead of time for Trabuco’s replacement. In fact, during Brandao’s resignation, Trabuco mentioned that the bank had started prospecting for a new CEO. He added that Bradesco would pick its CEO from its talent pool as opposed to scouting for a president outside the bank.
Read more: Bradesco: New president to leave executive body, says Trabuco
Bradesco’s style of appointing its CEOs has been consistent. The bank’s management favors professionals who currently hold leadership positions at the bank. Heads of departments and subsidiaries have the upper hand in succession. Trabuco’s appointment to head the bank is case in point. Before the appointment, Trabuco was the president of Bradesco Seguros, an insurance subsidiary of Bradesco according to terra.com.br. Therefore, the current head of Bradesco Seguros, Octavio de Lazari, and six heads of departments are in the limelight regarding Trabuco’s succession. The leaders of departments include Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, and André Rodrigues Cano. In case one of the mentioned heads of departments is appointed, the units that will be affected include human resources department, bank’s treasury and lending departments, IT department, etc.
Once the office of the president is substantially occupied, the new CEO is expected to work alongside Trabuco—chair of the board of directors—to cement Bradesco’s position in the Brazilian banking sector. As president, Trabuco demonstrated to all and sundry that he had the interests of Bradesco at heart. Apart from sticking with Bradesco amid pressure to resign and be part of the former president Dilma Rousseff’s cabinet as the head of the ministry of finance, Trabuco initiated a couple of measures that mark his legacy. He spearheaded the acquisition of the Brazilian branch of HSBC for $5.2 billion. In addition, he established the award-winning Unibrad Corporate University. The university has been at the forefront of fostering the professional development of staff at Bradesco.
Find more about Luiz Carlos Trabuco: https://economia.estadao.com.br/noticias/geral,prisao-dos-irmaos-batista-nao-impactam-risco-da-jbs,70001996105