After staying at the helm of leadership in Banco Bradesco for over 25 years, Lazaro de Mello Brandao who is 91 years-old has finally decided to step down triggering a leadership race amongst potential candidates. Banco Bradesco is the second largest private bank in Brazil by market value. The current chief executive Luiz Carlos Trabuco announced on Wednesday that he will temporarily hold the position of chairmanship after the resignation of Brandao on Tuesday until March when Bradesco will elect a new Chief Executive Officer.
Brandao started working as a 16-year-old clerk in 1943 and is ranked as one of the world’s most prolific bankers. Even after his resignation, he will still be supervising the activities of Bradesco’s holding companies. Interestingly, Brandao said that he doesn’t regret anything during his 75-year stint in Bradesco and he will keep the desk he had been using for the past couple of years as he leaves office. His family warmly welcomed his resignation terming it “it’s about time”. Read more on banco.bradesco to know more.
Brandao fostered a culture of picking young talents from Bradesco’s existing ranks for promotion into executive positions rather than hiring talents from outside for these positions. The company intends to nurture the trend when choosing Trabuco’s replacement from within and the name ought to be announced 30 days before the shareholder assembly that Bradesco will hold in March. Although Trabuco said the candidates will be picked internally, the discussions are private and the seven names that are highly expected to dominate the list can’t be made public just yet. The highest ranking executives are knowledgeable professionals who understand the primary objectives of the bank and are willing to sacrifice their quality time into ensuring that the company succeeds.
When making the announcement, Trabuco reiterated that the new CEO will respect Banco Bradesco’s own pool of talent. The list of the seven potential candidates includes names such as Mauricio Machado de Minas – responsible for the bank’s IT department, Alexandre da Silva Gluher – Bradescos’s chief risk officer, Domingos Figueiredo Abreu – responsible for the bank’s lending and treasury departments, Josué Augusto Pancini – responsible for the bank’s branch network, Marcelo de Araujo Noronha – responsible for the bank’s investment banking, card operation, BBI and corporate banking, Octavio de Lazari – responsible for the bank’s insurance unit, and André Rodrigues Cano – responsible for Bradesco’s human resources department. Just as Trabuco who has risen through various ranks over the years to become CEO, one of the above executives will replace him.
In recent interviews with the press, Trabuco made it clear that if the government is dedicated towards achieving its goals, then the confidence in the capital markets will also increase. Remember, Trabuco is one of the most sought after Brazilian executives by international investors. When he makes statements like being optimistic about the growth of the Brazilian economy in coming years, most investors and small business owners take him seriously. In fact, most Brazilian and shareholders of Bradesco are confident that under his leadership, they’ll see a flawless transition come March.