Bradesco’s CEO Resigns, Leaving Room for Trabuco To Lead

Luiz Carlos Trabuco is president of Brazil’s second-largest bank both in terms of assets and equity. Holding a Socio-psychology postgraduate degree from Sao Paulo’s Fundação, (Sociology and Politics), he was the named then 2015 winner for the Entrepreneur of the year award (Finance Category) by Brazil’s Isto É Dinheiro magazine. He’s been listed as the country’s top 100 most influential persons. Forbes magazine listed him as Brazil’s best Chief executive officers last year.

Career

Mr. Trabuco started out at Banco Bradesco, being the bank’s clerk at only 17 years. He would then rise to the position of marketing director where he played a part in having the banks communication being modernized and developing a close relationship with Brazil’s media. He stayed as marketing director for 8 years before being named Chief executive officer for Bradesco Vida e Previdência in 1992, a private company dealing in private pension. He held the CEO position for 6 years till 1998. He then moved to Banco Bradesco as Managing director before assuming the Vice President’s post.

Trabuco’s experience

Mr. Trabuco then became president of Bradesco Seguros, which has 8 companies. It is during this period that Bradesco’s shares started trading on the NYSE. At the same time, the bank’s size doubled and garnered 25% market share in Brazils banking industry. Its insurance arm became the largest in Latin America with 35% share of the market. He succeeded Laurelli Cypriano as the banks 4th President in 2009. He won the Entrepreneur of the year award after leading Bradesco to acquire HSBC Brazil, the largest acquisition in the bank’s history. He joined Bradesco’s Board of directors in October this year and is the bank’s 3rd president of its Board of directors.

Chairmanship of Banco Bradesco

At 91 years, Lazaro de Mello Brandao was one of the oldest chairmen still serving in the Banking industry. He stepped down after over 25 years as Chairman of Banco Bradesco. He has been replaced by Mr. Trabuco, who will hold both positions as chairman and Chief executive officer of the bank until March. A new Chief executive officer will then be selected.

The conclusion

The outgoing chairman, however, will continue with his role in one of Bradesco’s companies. He also stated that it was his personal decision to resign in order to ensure the bank’s continuity by renewing its board. Bradesco is set to continue with the outgoing chairman’s tradition of choosing executives from the bank’s internal ranks instead of externally sourcing for replacements. The bank is set to pick the CEO from any of its seven executives of the highest ranking. Mr. Trabuco, the banks acting head, said that the choice for CEO will come from Banco Bradesco’s own talent pool, confirming the rumors of internal promotion.

The conclusion

Following the changes at the bank, its shares fell by 1.2% to 36.63 percent, before rallying back to 39 percent. The bank had changed its bylaws last year in order to increase CEOs age limits to 67, from 65. This gives the acting chairman time to name his successor for the CEO post. Possible candidates for the post include:

Mauricio Machado de Minas: Head of Bradesco’s IT, joined Bradesco in 2009.

Alexandre da Silva Gluher: Gluher; Head of the banks Risk office, the 57 year- old has been with the bank since 1976.

DomingosFigueiredo Abreu: heads the banks treasury and also lending departments and has worked in Bradesco since 1981.

Josué Augusto Pancini: the 57 year -old joined the bank in 1975, head of its branch networks and income segments.

Others include the head of corporate banking, head of the insurance unit and also the bank’s human resource department head.

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