Banco Bradesco SA is in search of a new chief executive officer (CEO) to take office early next year. Bradesco’s current CEO Luiz Carlos Trabuco, 66, will step down next year with respect to the bank’s new bylaws which indicate that CEOs should not be more than 67 years old. In fact, Trabuco would have resigned if the old laws were still in place; the former bylaws placed a cap on 65 years.
As Trabuco prepares to hand over to a new CEO, the succession contest is the topic of interest not only to Bradesco’s employees but also the whole of Brazil’s financial industry as Bradesco is a significant commercial firm in the country. Presently, it is the second largest private bank in Brazil. The bank has over five thousand branches across Latin America with over 100 thousand employees. The bank’s financial standing is impressive; its total assets are slightly shy of $420 billion. Last year, the bank earned $50 billion in revenues and $4.6 billion in net income. Whoever will take over from Trabuco must demonstrate to the shareholders that he/she has the interests of the bank at heart.
Although many professionals are qualified to lead Bradesco, the bank has made it clear that it will pick one of its employees (that currently holds a leadership post) to steer the company. Matter of fact, one of the following seven Bradesco’s employees is poised to be the president of Bradesco starting in March 2018: 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.
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Of course, to be considered for the presidency of one of the largest banks in Brazil, a professional must have proved that they are worth their salt. For example, Gluher, Bradesco’s chief risk officer, impressed the management of the bank with his invaluable contribution to the bank’s 2015 transaction that saw Bradesco acquire the Brazilian branch of HSBC for $5.2 billion.
Trabuco will still be part of Bradesco as the chairman of the bank. He is the third chairman of the bank after Amador Aguiar and the outgoing chairman Lazaro de Mello Brandao. Trabuco joined the bank in 1969 as a clerk. Needless to say, he is a results-oriented individual who rose through the different corporate ranks of the bank. He is now the chairman of the bank, the highest position an employee can hold in an institution.
Trabuco will be missed as the CEO of Bradesco owing to his game-changing policies. For example, as the CEO, he established Unibrad Corporate University to cater to the career development needs of Bradesco’s staff. GlobalCCU Awards recently identified Unibrad as the “Best Corporate University in the World.” In 2015, Trabuco oversaw what would be the most significant transaction in Brazil’s financial sector that year; Trabuco advised Bradesco’s board to consider an inorganic growth strategy. The board settled on buying the Brazilian branch of HSBC for $5.2 billion.
Trabuco took over from Brandao. Brandao, 91, has been an employee of Bradesco since the bank was established in 1943. Just like Trabuco, Brandao was hired as a clerk, but his career advanced steadily until he became the CEO of the bank in 1981. Brandao resigned as the CEO in 1999 allowing Marcio Cypriano to take over.
As he resigned as the president of the bank, Brandao was already the chairman of the bank, and he continued being the chairman until his recent resignation. Brandao is not yet done with Bradesco as he is still in charge of some of Bradesco’s interests including Fundação Bradesco and Bradespar SA.
Learn more about Luiz Carlos Trabuco: http://www.infomoney.com.br/mercados/noticia/6024599/frases-luiz-carlos-trabuco-sobre-economia-brasileira-davos