Bradesco’s Board Of Directors Look For A New CEO To Replace Luiz Carlos Trabuco

There are only six Bradesco Board of Directors. One of them just gave the bank notice. He will be retiring after 74 years of bank service. That director is the Chairman of the Board, Lázaro de Mello Brandão. Brandão took over as board chairman when the founder of Bradesco, Amador Aguiar went to the big bank in the sky in 1991. Aguiar is responsible for the tremendous early growth of the bank, and he is also responsible for moving the bank’s headquarters to Osasco, Sao Paulo in 1953.

Before Aguiar passed on, Bradesco was the largest private bank in Latin America. But Itaú took that title after the bank got together with Unibanco in one of the largest bank mergers in Brazilian banking history. Friendly bank competition is always on display in Brazil, but while Brandão was CEO and then chairman, he took that competition to another level.

Brandão bought BNC in 1997, and in 2000, Brandão opened a New York office as well as an office in Argentina. In 2003, Brandão was responsible for buying BBVA’s Brazilian subsidiary, and in 2006, Brandão bought the American Express subsidiary.

Read more: Bradesco to Choose Board Member as New President, says Trabuco

In 2009, Brandão brought Luiz Carlos Trabuco back from Seguros, the bank’s insurance arm, and he gave Trabuco the bank’s CEO position. Luiz Carlos Trabuco and Brandão worked together for more than 40 years before Trabuco got the big job, so they have an excellent track record when it comes to making good bank decisions. Trabuco has the same banking skills as Brandão, but he displays them in a different way. Trabuco is a soft-spoken executive with degrees in psychology and philosophy, so he is a people’s person. Brandão, the oldest banker in the business, is more of a numbers and expansion expert. Both men knew they could make the bank a huge international success, and that’s exactly what happened over the last eight years.

But Brandão is ready to hang up his banking hat, and the Board of Directors want Trabuco to take his place. Trabuco will assume the chairman’s role. Naming a new CEO will be the next order of business for the board and Trabuco. The new CEO will come from a handful of candidates according to valor.com.br. All the candidates are currently working in executive roles within the bank. Trabuco and the five other members of the board are looking for a candidate who can take Bradesco to the next level in the banking world. That’s a tall order considering Bradesco is already a world-class bank. But there is a lot of work to do, especially when it comes to developing new digital banking platforms and instigating new ways to bring customers into the bank branches that seem to be everywhere in the country. Brazilians are doing more mobile banking as well as online banking, so the most qualified candidate for the CEO job might be IT pro, Mauricio Machado de Minas.

The Board of Directors is also considering lending chief, Domingos Figueiredo Abreu. Some board members like Octavio de Lazari because he has presidential experience. Octavio de Lazari is the current president of Bradesco’s insurance division. Andre Cano is another good candidate because of his human resource experience, but three board members like Alexandre da Silva Glüher because he put the 2015 HSBC deal together. But no one is ruling out Josué Augusto Pancini thanks to his operations background. And investment expert Marcelo Noronha is a good choice because the bank is adding more assets to its extensive assets under management portfolio. The decision will come after the first of the year. In the meantime, Trabuco will function as chairman and CEO.

Search more about Luiz Carlos Trabuco: http://www.valor.com.br/financas/5194121/trabuco-apesar-das-incertezas-investidores-acreditam-no-pais

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