Banco Bradesco SA occupies an enviable position in Brazil’s financial industry; it is the second largest private bank in the country after Itaú Unibanco. Presently, the bank is experiencing a slight change in its top leadership. Lazaro de Mello Brandao who was the chairman of the bank starting in 1990 resigned last month. The 91-year-old cited his advanced age and the need to for smooth transition in leadership as the reasons that informed his resignation.
The current CEO of the bank, Luiz Carlos Trabuco, was immediately appointed the new chairman of the bank. His tenure as the president of the institution will end early next year. He is currently serving both as the CEO and chairman of the Osasco based bank. Trabuco, who has served Bradesco for 48 years, will be among those who will appoint the new CEO. According to Trabuco, the bank will prioritize its staff in the succession race.
Some of the staff who are currently under consideration for the top job 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. The seven, who have been serving at the bank for an average of 31 years, are ranked among the company’s top performing employees. The average age of the seven is 56.4 years.
Lazaro de Mello Brandao is an embodiment of a loyal executive. He joined the bank in 1943—the same year that Amado Aguiar established the bank. According to banco.bradesco Brandao has served the bank ever since. He has held different leadership positions in the bank. He started out his career as a clerk and was appointed as one of the directors of the bank in 1963. Close to 14 years later, Brandao was named the vice president of Banco Bradesco.
As a result of the poor health of Amado Aguiar, Brandao was appointed to take over the presidency of the bank in 1981. As the health of Aguiar deteriorated further, Brandao was named to command the board of directors in 1990 succeeding Aguiar once more. Aguiar passed on one year later. However, Brandao, who shares Aguiar’s vision, vowed to continue the legacy of the fallen hero. In 1999, Brandao decided to relieve himself of the presidency duty by allowing Marcio Cypriano to serve as the president of the bank. Starting in 1999, Brandao concentrated on being the chairman of the bank until his resignation in October. Brandao had served for a cumulative of 45 years as the chairman and CEO of Banco Bradesco. Pundits agree that Brandao’s track record is impressive despite his insufficient fundamental studies.
Luiz Carlos Trabuco’s succession of Brandao came as no surprise. Before the bank announced that Trabuco was taking over from Brandao, speculations were rife that he would become the third chairman of the bank.
Trabuco made his entry to the bank in 1969. He was 18 years then, and he was tasked with discharging clerical duties. Trabuco leveraged the entry-level position to demonstrate his abilities. His efforts bore fruits 15 years later when he was appointed the marketing director. He then held other posts with the bank before being appointed the president of Bradesco Seguros in 2003. His work as the president of Bradesco Seguros, the insurance unit of the bank, provided Trabuco with a leeway to demonstrate his leadership skills. Six years later, when Marcio Cypriano resigned, Trabuco was appointed the president of the bank.
Trabuco has earned recognition for his efforts. For example, Forbes Magazine recognized him last year as one of the “Best CEOs in Brazil.” He was gifted the 2009’s Don Quixote Trophy.