Banco Bradesco is one of the most prominent banks in Brazil. It is currently ranked the second largest private bank in the country, behind only Itau Unibanco. In recent years, the bank has come to be associated with two key people, Lazaro Brandao and Luiz Carlos Trabuco. Mr. Brandao was until earlier this month the chairman of the bank’s board – a position he had held since 1990. On the other hand, Mr. Trabuco has been the bank’s president since 2009. Mr. Brandao’s decision to resign from his position earlier this month has now led to Luiz Carlos Trabuco being named the bank’s next chairman. In turn, therefore, a new president will have to be selected to take Mr. Trabuco’s position. Fortunately, given the disposal of talent at Bradesco, choosing a successor will likely be a seamless process.
Lazaro Brandao’s recent retirement from the position of chair brings to an end an illustrious relationship between employer and employee that has lasted more than seven decades. The 91-year old was also Bradesco’s first president after the bank’s founder, Amador Aguiar. Bradesco over the years grew tremendously with him as president and later as the chairman of the board. While his departure from the bank will be seen as a big loss by some, he has previously expressed great confidence in the abilities of his successor, Luiz Carlos Trabuco. In fact, he was the one who pushed for Mr. Trabuco to be named the vice president of the board in 2014 so as to prepare his for the bigger seat.
Read more: Next Bradesco president to leave the bank’s board of directors, Says Trabuco
Luiz Carlos Trabuco has already said that Bradesco’s new president will be promoted from within the bank. This will not come as a surprise to many industry observers as the same strategy has been applied in selecting each of the bank’s previous three presidents. There are currently seven highly capable vice presidents at the bank, meaning that the board will be greatly spoilt for choice when the selection process commences. The new president will continue meeting the responsibilities that were previously met by Mr. Trabuco except for those related to the board – going forward; the president will no longer have a seat on Bradesco’s board. The decision on who the next president will be shall be made at a board meeting scheduled for March 2018. Until then, Luiz Carlos Trabuco will fulfill the roles of both the president and the board chair of the bank.
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Luiz Carlos Trabuco
Luiz Carlos Trabuco has been the president of Bradesco for the last seven years. The duration of his tenure has coincided with some challenging times for the Brazilian economy but also some prosperous times for the Bradesco group. Since he took over, there have been two separate periods of economic jitters: the global financial crisis in 2009 and the recession of the Brazilian economy in 2015. However, despite having to operate in difficult financial periods, Mr. Trabuco excelled as a leader in both periods. In 2009, he managed to add over 200 branch offices to Bradesco’s extensive network. On the other hand, in 2015 he oversaw the purchase of the mid-tier bank HSBC Brazil for an estimated five billion dollars. The acquisition grew Bradesco’s value to over $400 billion took it closer to challenging its biggest competitor, Itau Unibanco for the leading position in the industry for private banks.
Luiz Carlos Trabuco has previously had his retirement age extended by the board by two years. Originally meant to retire in 2016, the board saw it wise to extend his stay so that he could oversee the acquisition process of HSBC Brazil to completion.
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