It is often said that nothing is constant but change. In the last few weeks, great changes has visited upon the doors of large Brazilian bank, Banco Bradesco. The bank’s long-serving chairman, Lazaro Brandao announced that he would be leaving the bank, with his post being taken up by Luiz Carlos Trabuco. Mr. Trabuco has been the Bradesco president for the last nine years.
Calling an End to a Glistening Career
After being one of the foremost bankers in Brazil for the last few decades, Lazaro Brandao finally decided to resign from the position of Bradesco in early October. His professional journey is quite similar to that of the bank. He joined Bradesco as a clerk, aged only 16 in 1943 – the same year it was founded by Amador Aguiar.
He grew to become of Aguiar’s most trusted employees and was consequently selected to take over as president from him when Aguiar decided to vacate the seat. He was again the one selected to take over as president from Aguiar in 1990. He concurrently held the two most senior leadership positions at the bank for nine years.
During his time at Bradesco, Lazaro Brandao cultivated a reputation for nurturing talent at the bank. Both Marcio Cypriano and Luiz Carlos Trabuco, the last two presidents at the large bank, were greatly mentored by Brandao. He popularized the practice of selecting senior leaders from among the talent within the Bradesco brand. Today, this practice is ingrained in the Bradesco culture, and it is already expected that the next president will be chosen from among the employees at the bank.
Read more: Trabuco will assume the presidency of Bradesco’s board; bank to appoint new chief executive in March
Selecting a New President Top Candidates
With Luiz Carlos Trabuco taking over as chairman, his previous post of Bradesco president has now become vacant. The incoming president will become only the fifth president at the second largest lender in the country in its entire history. However, there is no haste in selecting the new president. The bank’s bylaws mandate that the next president will be selected earliest in March 2018. Until then, Luiz Carlos Trabuco will become only the third person in Bradesco’s history, after Amador Aguiar and Lazaro Brandao, to hold the positions of president and chairman at the same time.
Luiz Carlos Trabuco as Chairman
Luiz Carlos Trabuco is expected to assume the duties of board chairman immediately. Like Lazaro Brandao before him, Luiz Carlos Trabuco has also come a long way to get to the top at Bradesco. He started out at the bank in 1969 as a clerk.
Over the course of the next four decades, he went through a series of fast promotions that included at certain points being the marketing director and president of Bradesco’s largest subsidiary, Bradesco. His diligence and unquestionable work ethic got his selected to the position of Bradesco president in 2009, where he has been serving for the last nine years.
In addition to overseeing the process of selecting a new president, one of the earliest responsibilities of Luiz Carlos Trabuco as chairman will be to oversee the expansion of the board. The current Bradesco board is seen by many to be too small for the large bank.
Additionally, being a private bank, some of the board’s members are family descendants of founder, Amador Aguiar. As such, there has been a lot of talk of possibly expanding the board in the coming weeks. With the board being expanded, there will no longer be a need for the president to have a seat on it. Consequently, the incoming president will be able to concentrate all his/her energies towards overseeing all the executive functions at the bank.
Find more about Luiz Carlos Trabuco: https://economia.estadao.com.br/noticias/geral,prisao-dos-irmaos-batista-nao-impactam-risco-da-jbs,70001996105