Apart from Amado Aguiar, who rose to the chairmanship and presidency of Banco Bradesco SA by virtue of being the founder of the bank, the three other CEOs of Bradesco, the second largest private bank in Brazil, were appointed from within the bank’s talent pool. Evidently, Bradesco has replicated the trend in the appointment of the bank’s chairpersons. So far, Bradesco has had three chairmen: Aguiar, Lazaro de Mello Brandao, and the current chairman Luiz Carlos Trabuco.
Luiz Carlos Trabuco was named the chairman of Bradesco on October 11, 2017, when Brandao resigned after serving the bank for over 74 years. Luiz Carlos Trabuco is also the CEO of the Osasco based Bradesco. The 91-year-old Brandao was the CEO of Bradesco starting in 1981 to 1999. While serving as the president of the bank, Bradesco appointed him the chairman of the board of directors in 1991. Both of Brandao’s appointments as president and chairman of Bradesco were made to succeed Aguiar. After eight years of juggling the responsibilities of the presidency and chairmanship, Brandao stepped down as the CEO of Bradesco in 1999 on folha.uol.com.br. Marcio Cypriano took over the presidency of the bank. Meanwhile, Brandao was freed to concentrate fully on discharging his responsibilities as the chairman of the bank. The chairman of the bank represents the Bradesco Foundation which is the controlling shareholder of Bradesco.
But Luiz Carlos Trabuco, 66, may not double up as CEO and chairman of Bradesco for a substantive period like Brandao or Aguiar as his tenure as CEO will elapse when he turns 67. In fact, if the abolished Bradesco’s bylaws were in place, Luiz Carlos Trabuco would have already stepped down as the laws indicated that Bradesco’s CEOs should not be more than 65 years. However, Bradesco will not wait until Luiz Carlos Trabuco leaves the office for the management to start scouting for a new chief executive officer. For a smoother transition of leadership at the bank, Luiz Carlos Trabuco will resign in March as CEO, and a new CEO will immediately assume office. Presently, the bank’s leadership is burning the midnight oil in an attempt to identify a new CEO.
But pundits believe that Bradesco should have an easy time selecting a new CEO as the bank is considering only a handful of its high-ranking employees. Some leaders thought to be in the list of Bradesco’s “potential CEOs” include André Rodrigues Cano, Octavio de Lazari, Marcelo de Araujo Noronha, Josué Augusto Pancini, Domingos Figueiredo Abreu, Alexandre da Silva Gluher, and Mauricio Machado de Minas. The seven made it to the list because of the leadership positions they currently hold. Cano is in charge of the human resources department, Lazari is the president of Bradesco Seguros while Noronha is the head of Bradesco BBI. Pancini oversees Bradesco’s branch network and its high-income segment. Abreu, Gluher, and Minas are responsible for Bradesco’s lending department, risk analysis, and IT departments respectively.
The announcement by Bradesco that Luiz Carlos Trabuco would be the new chairman did not surprise many. Even before Brandao resigned, pundits expected that Luiz Carlos Trabuco would succeed Brandao. Luiz Carlos Trabuco draws admiration and respect not only from Bradesco but also the entire banking industry and even from politicians. Some years back, Luiz Carlos Trabuco was former president Dilma Rousseff’s choice for the ministry of finance according to folha.uol.com.br. Although the gesture from Rousseff was alluring, Luiz Carlos Trabuco, against the expectations of many, declined the offer. The statement from Luiz Carlos Trabuco was clear: he was, still is, unwilling to leave Bradesco, a place that nurtured his professional growth. As the bank scouts for a new CEO, Bradesco’s management and shareholders are confident in Trabuco’s leadership.