One of the oldest bankers in the world, 91-year old Lazaro de Mello Brandao, is set to vacate his post as Chairman of the Board at Bradesco, the second largest bank in Brazil in terms of market value. His successor to the throne is another top-ranked executive from the inside, Luiz Carlos Trabuco, the bank’s current president. However, no one has yet been designated to take over Trabuco’s post. But in all likelihood, he will also be a high-ranking executive of the bank. This is just the way Bradesco chooses its top executives.
Apparently, Bradesco has already short-listed a number of candidates for the post being vacated by Trabuco. It appears that there are seven of these top executives who are being considered as the next CEO. The list includes the following Bradesco executives:
Domingos Figueiredo Abreu, 58, who is currently in charge of Bradesco’s treasury and lending departments.
Mauricio Machado de Minas, also 58, who is now the head of Bradesco’s IT department
Josué Augusto Pancini, 57, who is the current head of Bradesco’s high income segment and branch network
Alexandre da Silva Gluher, also 57, who is the present chief risk officer of the bank
Octavio de Lazari, 54, who is recently added to the top management team in Bradesco, and is now in charge of the bank’s insurance unit
Marcelo de Araujo Noronha, 52, who is currently heading the bank’s corporate investment unit
André Rodrigues Cano, 59, who is now the top man in the bank’s human resources department
The name of the successful candidate will be announced in the upcoming shareholders meeting which will be held in March this year on brasil247.com. All of these men on the list have served the bank for a number of years. That means, Bradesco, as usual, is not considering outside talents to fill up its top management positions whenever there is a vacant slot.
This has been the management style and culture of Bradesco which Brandao would like to continue. He has fostered this system for many years and it seems there is no reason not to do it now. Although he will be leaving his post, it seems that he will still have a part in the bank’s operations. He will reportedly be in charge of several holding companies of the bank.
Brandao has been serving the bank in various capacities ever since he joined the company as a humble clerk in 1943. He was just 16 years old at that time. His education, talent and perseverance must have guided him to reach the top of the heap. He became Bradesco’s top honcho in 1999. Before that, he served as the bank’s CEO from 1981 to 1999. In that regard, it is during his tenure that Bradesco grew to be the number two bank in Brazil, as far as market value is concerned. According to Bloomberg, he is one of the oldest leading bankers in the world.
Meanwhile, Trabuco, the incoming chairman, will still serve in his current position as president until his successor is appointed in March. With Brandao leaving, Trabuco will be sitting in two chairs. Trabuco has served Bradesco for over 15 years before he was promoted Marketing Director. He was again promoted as President in 1992 and has been serving in this capacity up to now. All in all, he has served the bank for a total of 44 years. It very likely that Trabuco will be serving the bank for many more years as the bank has already changed the maximum age of CEO from 65 years old to 67. The oldest in the current crop of CEO candidates is only 59.
Learn more about Luiz Carlos Trabuco: http://economia.estadao.com.br/blogs/coluna-do-broad/bradesco-deve-anunciar-sucessor-de-trabuco-antes-do-carnaval/