In an effort to invigorate and revitalize business Banco Bradesco SA is in the middle of a succession race. 25-year acting chairman Lazardo de Mello Brandao is stepping down from his post, and his absence in the catalyst that will refresh the bank’s managing board.
His successor is current CEO Luiz Carlos Trabuco, who will hold both offices until a replacement CEO is chosen. The new CEO and chairman will be responsible for ensuring the continuity of Brazil’s second largest bank according to current market value. Brandao commented in an interview that the retirement was his choice but he will not be leaving the company he has served since age 16 completely. He will still manage a number of the banks smaller holding companies.
Trabuco also joined the company at an early age, working as a clerk when he was 17. A graduate of Sao Paulo’s Faculty of Philosophy with a degree in Sciences and Letters, as well as an postgraduate degree in Socio-Psychology from Sao Paulo’s school of Sociology and Politics, Trabuco has been climbing the corporate ladder for 40 years. Starting with a position as director of marketing, he became CEO of a privately owned company belonging to Bradesco in 1992. In 1998 he was named managing director of Banco Bradesco, and succeeded as the 4th CEO in 2009.
Banco Bradesco’s policy of internal promotion has been going on for decades. Under Brandao’s leadership, such policy became an actual written mandate rather than an unspoken choice according to economia.estadao.com.br. It is a great strategy as it promotes loyalty, breeds incentive, and ensures that the banks interests are involved. Instead of some outside talent, shaking things up, the company receives an experienced expert in exactly how they do things. As Trabuco gets comfortable in the new chairman position he will undoubtedly choose his successor from other managers within the bank. So far, seven possible candidates are qualified for the job. Trabuco’s decision will be hard but it places him in a key position to effect the future of the bank. The next CEO will take Bradesco in a new direction, and that direction is very dependent on the person selected.
The candidates are as follows:
Andre Rodrigues Cano – 59, head of human development for Bradesco. He became part of the company on 1977.
Marcelo de Arujo Noronha – 52, responsible for corporate and investment banking.
Alexandre da Silva Gluther: 57, chief risk officer. Gluther was part of Bradesco’s largest acquisition to date. The purchase of HSBC holdings for $5.2 billion dollars.
Domingos Figueiredo: 58, head of the treasury and lending departments. Figueiredo also took part in the acquisition of HSBC.
Mauricio Machado de Minas: 58, head of the IT department. Responsible for a digital-only spin-off branch of Bradesco.
Octavio de Lazari: 54, head of the insurance section of Bradesco. Lazari is responsible for one third of the bank’s results.
Josue Augusto Pancini: 57, head of branch networks. Pancini also heads the bank’s high-end divisions.
Many insiders and sources say that Mauricio de Minas is favored. His experience with technology and the work he has done to take Bradesco digital bode well for the future. More and more companies the world over integrated technology into their business. The access and resources available are without measure. Having someone at the helm who can understand and navigate that world may be what Bradesco needs to stay relevant. Many look to individuals like Gluther, Figueiredo, or Noronha, as they are shrewd executives with experience in brokering deals. Such insight may be good for future investments and endeavors.