Brazil’s second-largest private lender, Bradesco, is currently in the state of a boardroom succession race after the resignation of the bank’s chairman. The 91 years old Lazaro de Mello Brandao will be stepping down after 25 years of service to the bank and its customers. He is one of the oldest bank chairpersons in office in Brazil and the entire South America. The bank’s president and CEO, Luiz Carlos Trabuco, will also be assuming the role of chairman until the Bradesco’s board of directors appoints de Mello’s successor.
Bradesco has had two chairmen since it was founded, and Lazaro Brandao was lucky to be one of them. The executive started his career as a clerk in 1943 and becoming the chairman of Bradesco was the highlight of his career. According to Bloomberg, Brandao is one of the oldest bank leaders not only in Brazil and South America but also in the world. The outgoing chairman told the press that it was his decision to resign and his presence is not required for the continuity of the bank’s board.
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The Appointment of a New Chairman
After Trabuco assumes the role of the chairman of Bradesco’s, the vice chair position — which he currently occupies — will be left vacant. Reports indicate that the vice chair vacancy will be filled by none other than Carlos Guilherme, an executive who has been working for Bradesco since his teenage years. The person to occupy the board chairman position is not yet, and as of now, the CEO will assume the role for a few months as the board deliberates.
Lazaro Brandao, the outgoing chairman of the bank, encourage the growth of a culture that favours the Bradesco’s own when appointing people to executive positions. Instead of sourcing people from the outside, the company selects from its own pool of talent developed and nurtured from within the company. Bradesco is expected to keep this course in the appointment of the chairman of the board. The meeting to appoint Bradesco’s board of chairman is set for March next year.
About Luiz Bradesco
Luiz Carlos Trabuco is the current president and CEO of Bradesco, though he’s approaching the end of his term. The resignation of Lazaro de Mello Brandao, Bradesco’s board of directors’ chairman, has ignited the race for the occupancy of the position that he currently holds.
Trabuco is one of the only four people who have occupied the position of president and CEO at Bradesco since the company was founded in 1940. With Bradesco being one of the largest financial institutions in Brazil and South America, its presidency commands a lot of respect in the region.
Born in 1951 in Marilia, SP, Luiz Carlos Trabuco attended the University of São Paulo for both his undergraduate and postgraduate studies where he graduated with degrees in Philosophy and Socio-Psychology respectively. He has been sitting at the helm of the bank’s management from 2009. His term as president and CEO is nearing its expiration, and there are a lot of able successors within the ranks of Bradesco.