Bradesco Scouting For A Chief Executive Officer

According to an article published by Bloomberg on October 11, Banco Bradesco SA—the second largest private bank in Brazil—is searching for a new chief executive officer. The new CEO, just like the previous ones, will be the overall head of the bank whose assets are currently slightly short of $420 billion. The bank has over five thousand branches with over 100 thousand employees dedicated to serving the bank’s clients. Owing to the importance of the presidency office to the overall functioning of the Osasco based bank, Bradesco will not take any chances that might compromise the position of the lender in Brazil’s financial sector. The bank is currently taking its time to scout for the most suitable candidate to replace the outgoing CEO, Luiz Carlos Trabuco, who is rightfully in office until March next year.

Luiz Carlos Trabuco has been with Banco Bradesco for 48 years. The news that Bradesco was prospecting for a new chief executive officer surprised many who have known him as one of the faces of the institution; however, they were delighted to realize that Trabuco is not yet done with Bradesco as he had just begun a new assignment as the chairman of the board of directors representing Fundação Bradesco, the controlling shareholder of Bradesco. Trabuco will discharge the duties of both posts until next year when his successor will assume office.

Banco Bradesco’s culture of appointing CEOs and other leaders from within the bank is well known. In fact, Trabuco stressed the same in the October 11 news event that marked the resignation of the then chairman, Lazaro de Mello Brandao. The comment from Trabuco prompted analysts to take a keen look at Bradesco’s staff, and luckily seven of them are thought to be in the line to succeed Trabuco. The seven 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.


Lazaro de Mello Brandao

According to Bloomberg, the 91-year-old (before his resignation) was among the world’s oldest serving bank chairmen. Brandao resigned after a 74-year-career with the bank. The length of Brandao’s career corresponds to the numbers of years that Bradesco has served Brazilians. Brandao joined the bank the same year that Amado Aguiar founded the bank—1943.

As expected, Brandao was appointed to discharge the duties of a clerk. Even with incomplete fundamental studies, Brandao was not cowed as he dedicated his energy and time to serving Bradesco. He amassed skills and expertise along the way that propelled him through the ranks of the bank until his appointment in 1981 as the CEO and chairman ten years later. Brandao held the presidency of the bank until his resignation in 1999. However, he continued as the chairman of the bank until last month.

Luiz Carlos Trabuco

Brandao left the baton of the chairmanship to Trabuco; a man who he shares a lot of similarities. Trabuco, just like Brandao, joined Bradesco as a clerk. His performance got the attention of his superiors who handed him his first promotion 15 years after he first started working at the bank in 1969. Trabuco was appointed as the marketing director. For the many years that followed, Trabuco served the bank in different capacities until he was named the president of the institution in 2009 and the subsequent appointment as the chairman of the bank.

However, unlike Brandao who did not complete his fundamental studies, Trabuco attended the University of São Paulo where he studied philosophy. He later joined the Fundação School of Sociology and Politics where he pursued Socio-Psychology.

Learn more about Luiz Carlos Trabuco: