Why Bradesco’s Choice Of CEO May Come As A Surprise

Why Bradesco’s Choice Of CEO May Come As A Surprise

Banco Bradesco SA is scouting around for a new chief executive officer as the serving president, Luiz Carlos Trabuco will resign early next year. Trabuco was appointed to replace Lazaro de Mello Brandao, 91, who wilfully resigned on October 11. At the time of announcing his resignation, Brandao stated that his decision was meant to give room for the younger Trabuco to command the bank’s board. During his 74-year stint at the company, Brandao served the bank diligently in various capacities. He started out as a clerk and would later rise through the ranks to become the president of the institution before serving as the chairman of the bank for over 25 years. As the chairman of the firm, Brandao was a proponent of identifying and promoting high performing Bradesco’s staff as opposed to scouting for talents outside Bradesco.

The Succession Contest

As expected, the battle to succeed Trabuco Bradesco is already taking shape. Although nobody can state with certainty who will be Trabuco’s replacement, one thing is clear: the next CEO will be appointed from the current pool of leaders of Bradesco. In fact, the names are already out with seven professionals seen as the frontrunners in the race to succeed Trabuco. They include Mauricio Machado de Minas, Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, Octavio de Lazari, and André Rodrigues Cano.

Although the seven are seen as the top contenders in the succession race, history indicates otherwise. In the wake of the appointment of Brandao as the second CEO of Bradesco, his name was hardly mentioned among those deemed to be the top contenders for the position at the time. The same happened when Brandao resigned in 1999; Marcio Cypriano’s name featured less among those thought to succeed Brandao, and his appointment surprised many people. Trabuco was appointed to take over from Cypriano, just like the previous cases, Trabuco’s name was hardly mentioned. Bradesco might surprise many by picking someone who is least talked about and not among the seven, but the bank will no doubt select one of its employees to replace Trabuco.

Read more on folha.uol.com.br

Luiz Carlos Trabuco

The new chairman of Bradesco joined the bank in 1969. Trabuco was only 18 years then and was recruited as a clerk. He started his career at the bottom of the corporate ladder and luckily for him there was no other direction to move apart from ascending through the corporate ranks. Trabuco served as a clerk for a considerable period before he was appointed the marketing director in 1984. The sky was the limit for the executive as he was soon made in charge of Bradesco Previdência; a position he held for six years. In 1999, Trabuco’s track record earned him the spot of executive vice president of Bradesco Seguros. Four years later, Trabuco took over the leadership of Bradesco Seguros. He served in the position until his appointment as the CEO of the bank.

Trabuco’s appointment as the chairman of the second largest private bank in Brazil arose from his performance as CEO of the outfit. Although he accomplished a lot for the bank in the position, the 2015’s purchase of the Brazilian branch of HSBC for $5.2 billion earned him respect as the purchase set the bank on a path to being the leading private bank in Brazil; a title the bank held until 2009 when Itaú Unibanco dethroned it in 2009.

Trabuco is an award-winning professional. The alumnus of the University of São Paulo and the Fundação School of Sociology and Politics boasts of the 2009 Don Quixote Trophy. Trabuco has received numerous recognitions including the recent acknowledgment by Forbes Magazine as one of the “Best CEOs in Brazil.”

Search more about Luiz Carlos Trabuco: https://www.istoedinheiro.com.br/o-bradesco-de-brandao-trabuco/

Leave a Reply

Your email address will not be published. Required fields are marked *