Longtime President of Banco Bradesco SA, Lazaro de Mello Brandao, left his position at Banco Bradesco earlier this week. Current Chief Executive Officer, Luiz Carlos Trabuco Cappi, is slated to take over as President for Mr. Brandao, still serving as CEO until March of 2018, when a new chief executive is expected to be announced.
Bradesco is the second-largest privately-owned bank in Brazil by market value, and has even held the number one spot for tens of years prior to Itau Unibanco’s formation in 2008. Luiz Carlos Trabuco Cappi was hired the year after in response to Itau Unibanco earning that title. Since, Mr. Trabuco led the overhaul of HSBC Holdings’ banking operations in Brazil in 2015, accounting for an equivalent of six years’ organic growth.
Lazaro Brandao began working for Banco Bradesco in 1943, the same year it was founded by Amador Aguiar, as a clerk at the age of 16. Prior to his resignation, he was one of two Presidents in Bradesco’s long history, including one of four chief executives. From 1943 to 2017 makes a 75-year career, something very few people accomplish at any level of employment, in any sector, in all countries.
Mr. Brandao resigned of free will, rather than stepping down due to health issues like Mr. Aguiar did in 1991, boosting Lazaro Brandao from CEO to President, much like Luiz Carlos Trabuco Cappi was upon Brandao’s resignation.
Outside of maintaining Bradesco’s size and financial performance, Brandao was known for promoting existing employees to executory positions. Although such a policy isn’t unique to Bradesco, it’s not held commonly in today’s business world.
Several unnamed sources have shared the upcoming CEO will be selected from a bank of seven high-ranking executives among Bradesco’s ranks.
The bank’s shares dropped slightly more than one percent directly after the announcement, though the current year’s 38-percent rise more than offsets the recent drop. Most businesses with public outstanding stock experience drops in share price immediately following the resignation of executives.http://ultimosegundo.ig.com.br/os-60-mais-poderosos/luiz-carlos-trabuco/52382e759cd61ea113000004.html
Lazaro Brandao shared during his press conference, “When I told my family I was leaving, their reaction was: It’s about time.” Brandao’s stepping down wasn’t known prior to his announcement, although it’s reasonable to assume any 91-year-old would retire from work sometime soon – few people work into the 70s, let alone 90s.
According to Bloomberg, the seven most probable choices to take over as CEO include the following:
- Mauricio Machado de Minas – Head of Bradesco’s information technology department, Mr. Minas is the newest addition to Bradesco out of the seven possible choices for CEO.
- Alexandre da Silva Gluher – Chief Risk Officer of Bradesco, Mr. Gluher was hired in 1976. He also was deeply involved with the purchase of HSBC Holdings’ retail banking operations in Brazil.
- Domingos Figueiredo Abreu – Mr. Abreu was hired in 1981 and was, just like Mr. Gluher, greatly involved with the purchase of HSBC Holdings’ retail unit. He’s responsible for lending and treasury functions.
- Josue Augusto Pancini – Pancini is over high-income banking functions and the nexus of branches across Brazil. He was hired in 1975, boasting the longest tenure of any of the seven under consideration through March of 2018’s appointment.
- Marcelo de Araujo Noronha – Mr. Noronha is a recent hire, joining Bradesco in 2003. He’s over Bradesco BBI – its I-banking function – and credit card issuance.
- Octavio de Lazari – This executive was promoted to upper-level management in May of 2016 and is responsible for the bank’s insurance division.
- Andre Rodrigues Cano – Cano was hired in 1977, among the longest tenures at Bradesco of the seven that could be named CEO. Mr. Cano is over human resources.