Until his resignation on the October 11, Lazaro de Mello Brandao, was the face of Banco Bradesco SA. There is no doubt that the outgoing chairman is the longest-serving Bradesco’s executive having worked at the bank since 1943. Brandao, 91, wilfully resigned as the chairman of the bank. However, he did not join the bank as an executive, or even a mid-level staff. Brandao joined the Osasco based bank as a clerk. Thanks to his hard work that got the attention of his superiors, Brandao gleefully ascended through different corporate ranks of Bradesco. In 1981, he replaced Amado Aguiar as the CEO of Bradesco, and in 1990, he became the second chairman of the bank after Aguiar (the founder of Bradesco).
Brandao doubled up as the CEO and chairman of Bradesco between 1990 and 19999 when he wilfully relinquished his duties as the president of the bank. Márcio Cypriano replaced him. However, he held on to his duties as the chairman of Bradesco until his recent resignation. Brandao is known for his insistence on promoting promising junior staff to positions of leadership within the company as opposed to filling such positions with leaders poached from other institutions.
The chairmanship of Bradesco is a crucial position which cannot be left unoccupied. The chairman of the board represents the controlling shareholder of Bradesco, the Bradesco Foundation. Therefore, someone had to be picked immediately to replace Brandao. Luiz Carlo Trabuco is the new chairman of Bradesco.
The 66-year-old professional is not new to Bradesco. In fact, he has been at the bank since 1969, and he is the serving president of Bradesco. His recent appointment will require him to serve both as the CEO and chairman of the board until the first quarter of next year when Bradesco will appoint a new president.
Bradesco is known to have a high retention of employees. Brandao, Trabuco, and the seven individuals among who one will be picked to replace Trabuco are long-serving employees of Bradesco. The outgoing chairman has served for 78 years; Trabuco, 48 years. The seven: 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 have been at the bank for a different duration ranging from 42 years to eight years.
The seven professionals have some striking similarities. For example, all of them were born in the 60’s and are currently in their 50’s. Perhaps, because age is a factor of consideration when picking Bradesco’s CEOs. Trabuco was 58-years-old in 2009 when he was appointed as the bank’s CEO; Brandao, 55. Aguiar was 65-years-old when he assumed the role of presidency of Bradesco. Could it be because of the bank’s bylaws that demand that CEOs should resign when they turn 67 (previously 65 years)?
Trabuco was unopposed when he was appointed the chairman of the bank. Barons believe it is because of his track record which speaks to his business acumen. There is no doubt that Trabuco is a loyal employee who will further Bradesco’s missions successfully. He resisted the pressure to take over the Brazil’s Ministry of Finance in 2015 when he was requested to do so by the then president, Dilma Rousseff.
Trabuco embodies the spirit of Bradesco, and he has devoted his time and expertise to see Bradesco scale the heights of Brazil’s financial industry. He is the professional who advised Bradesco’s board to purchase the Brazil’s branch of HSBC for $5.2 billion.
The purchase, considered the most significant transaction in Brazil in 2015, gave the company a competitive edge over Itaú Unibanco regarding branch network, the number of account holders, and total investment funds.