The second biggest bank in Brazil, Bradesco, is getting a new chairman this coming March. Its current chairman is relinquishing his post for a much younger banker who is also the current CEO of the bank. The bank has been true to its culture of getting talents from inside its pool rather than tapping people from outside.
As a consequence, a new CEO has to be appointed as well. It appears that there are seven executives in the bank who are being considered as replacement. His name will be announced soon as there is a scheduled shareholders meeting one week before his name would be announced.
The current chairman, Lazaro Brandao, is already 91 years old. At this age, he is considered one of the oldest bankers in the world. This could be the reason for the infusion of a younger talent to the bank’s chairmanship post. Brandao has been with Bradesco for the past 75 years having started at a low rank of bank clerk in 1943 when he was only 16 years old. His diligence, dedication and talent in management were his tools in getting to the topmost rank of the bank. Before becoming chairman, he also served as its CEO for 18 years starting in 1981.
Brandao has encouraged the management style of promoting people from inside the company instead of getting outside talents. His next in line is Luiz Carlos Trabuco, 67, who is also the current CEO of the bank. Trabuco has been serving Bradesco for 15 years in different executive positions. He will still be serving as its CEO while trying to fill the seat of Brandao as incoming chairman.
Trabuco also served as the bank’s marketing director before being appointed as its president in 1992. It was only last year that the bank amended its bylaws increasing the maximum age for its president from 65 years old to 67. This must have allowed Trabuco to stay as CEO considering his present age. But the current development necessitated another executive to fill up his post. The oldest age of the men who are being considered to replace him is not more than 60 years old. Therefore the next president will have a long time to enjoy his post.
According to valor.com.br, the names of the men who are being considered as the next CEO, their respective ages and their current positions are as follows:
Octavio de Lazari, 54, Bradesco’s second youngest executives on the candidate’s list and is responsible for the bank’s lender’s insurance unit
André Rodrigues Cano, 59, the oldest of the men being considered who is in charge of the human resources department of Bradesco
Domingos Figueiredo Abreu, 58, in charge of the bank’s lending and treasury department
Marcelo de Araujo Noronha, 52, the youngest among the candidates and is the head over Bradesco’s corporate and investment banking
Josué Augusto Pancini, 57, who is the present head of branch network and overseer of its high income segment of the bank
Mauricio Machado de Minas, 58, currently the man in charge of the bank’s IT department
Alexandre da Silva Gluher, 57, whose present position is chief risk officer of Bradesco
According to Brandao, it is his own personal reasons that led him to relinquish his post as chairman of Bradesco. He, however, will not completely abandon the bank that he has served for 75 long years. Reports say that he will still be taking charge of the holding companies of the bank when he quits as chairman. Meanwhile, as no new CEO has been named yet, Trabuco will be filling up his post and will also be serving as president of the bank at the same time.
Find more about Luiz Carlos Trabuco: https://economia.estadao.com.br/noticias/geral,prisao-dos-irmaos-batista-nao-impactam-risco-da-jbs,70001996105