Banco Bradesco SA is a privately-owned financial institution in Brazil, larger than all others in the country with the exception of Itau Unibanco. Bradesco, as its name is often shortened to, lost its President Lazaro de Mello Brandao earlier this week. Current Chief Executive Officer Luiz Carlos Trabuco will replace Mr. Brandao as President immediately. As tradition dictates, the bank has almost always promoted executives from within, Mr. Trabuco having worked for Bradesco since his teenage years in 1969. Mr. Brandao is to credit for Bradesco hiring from within, unarguably a solid business practice.
Lazaro Brandao has worked for Bradesco since it was founded in 1943 by Amador Aguiar in Marilia, Sao Paulo, Brazil. At the age of 16, Mr. Brandao began as a clerk, effectively working his way from the ground level to the pinnacle of Bradesco. He started working as President in 1991 after Amador Aguiar stepped down in 1991 due to health issues. Prior to Mr. Brandao’s stepping down on Tuesday, he was only the second person to serve as the company’s President. Mr. Brandao was formerly the entity’s Chief Executive Officer, at the time only the second person to serve in that capacity. To this day, only four persons have worked as CEO of Bradesco.
A regulatory filing on behalf of Banco Bradesco SA indicated that Luiz Carlos Trabuco will serve as both President and Chief Executive Officer until some time in March of 2018. The new CEO will be appointed prior to Bradesco’s annual shareholder meeting that month, according to Mr. Trabuco himself.
It comes as no surprise that Lazaro Brandao stepped down, as few business executives serve their positions at the age of 91, let alone 80 years of age. Bloomberg indicated that Mr. Brandao was one of the oldest banking executives in the world, an accomplishment in itself considering how astute Brandao has been of recent in his decision-making abilities.
Banco Bradesco’s share price has increased 38-odd percent in the past calendar year, reflecting its positive performance in the time period. Although its share price fell 1.2 percent immediately following the announcement, it’s expected to rebound and continue rising, per a five-plus-year trend.
Mr. Luiz Carlos Trabuco, alongside Bradesco’s board of directors, will be selecting one of the seven-highest executives among the bank’s ranks. Following is a list of the seven potential CEOs according to officials at Bradesco:
- Mauricio Machado de Minas – This executive operates Bradesco’s information technology department and was a major player in its foundation of Next, an online-based bank. He’s been with Bradesco since 2009 and has a lengthy history in IT and computer science.
- Alexandre da Silva Gluher – Mr. Gluher was hired on to Bradesco in 1976, one of the longest stints among candidates being considered for CEO. Mr Gluher was among the circle of executives that commanded HSBC Holdings’ Brazilian network of financial institutions just two years ago.
- Domingos Figueir Abreu – Hired in 1981, Mr. Abreu is over consumer lending and treasury responsibility.
- Josue Augusto Pancini – Pancini was hired in 1975 and is over Bradesco’s top-dollar consumer segment.
- Marcelo de Araujo Norhonha – This executive is one of the most-newly hired, having been with Bradesco since 2003. Mr. Noronha is responsible for Bradesco BBI and the bank’s issuance of debit and credit cards.
- Octavio de Lazari – Although Mr. Lazari has only been an executive since May of 2016, he’s been with Bradesco since 1978. He is the leader of insurance and partially responsible for the entire banking institution’s financial performance.
- Andre Rodrigues Cano – Mr. Cano was hired in 1977, and is currently the leader of Bradesco’s human resources. Cano is a new addition to Bradesco’s team of executives, promoted less than one year ago, in December of 2016.