Banco Bodesco Searches For New CEO
After 25 years of faithful service Lazaro de Mello Brandao, the eldest serving bank chairmen on Earth, is stepping down from his post at Banco Bradesco SA. Banco Bradesco is Brazil’s second largest market valued bank, Brandao started working there when he was 16 as a clerk. Now the company that has only had two chairmen in its successful tenure will be searching for a third.
Brandao served as chairman from 1981 to 1991, and will be replaced by acting CEO Luiz Carlos Trabuco. Trabuco will serve in both chairman and CEO until a new CEO is chosen in March. For the time being Bradesco SA will be caught up in a succession race, as prospects for new CEO’s are weighed and measured. Although Brandao is stepping down as chairmen, a decision that he made himself according to recent interviews, he will still manage some of Bradesco’s holding companies.
During Brandao’s tenure he created a management culture of internal promotion. Starting as a low-level clerk himself, he realized the importance of promoting within. Instead of outside talent that had to be read in to the inner workings of the company, successors would be individuals that had served for years. In his absence, Bradesco will be utilizing that formula to choose Trabuco’s replacement. The next CEO will come from the current ranking executives serving Bradesco. Currently there are seven and each is more than qualified for the open position. Here are some of the candidates:
Alexandre da Silva Gluther: 57, serves as chief risk officer. He took part in Bradesco’s purchase of HSBC holdings, the largest acquisition to date costing $5.2 billion dollars.
Domingos Figueiredo: 58, serves in the treasury and lending departments. He was also a key figure in the HSBC acquisition. He has been a part of the company since 1981.
Mauricio Machado de Minas: 58, serves in the IT department. Responsible for a digital-only version of Bradesco.
Marcelo de Araujo Noronha: 52, responsible for Bradesco’s corporate and investment banking.
Josue Augusto Pancini: 57, responsible for the bank’s branch network as well as its high-end divisions.
Octavio de Lazari: 54, leads the insurance section, produces a third of the bank’s results.
Read more on economia.estadao.com.br
Last year Banco Bradesco changed the maximum age for its CEO’s to 68 allotting Trabuco time to make his decision. Like Brandao, Trabuco began working for Bradesco as a clerk. Starting at age 17 it took 15 years for Trabuco to gain a management position as a director of marketing. In 1992 he became CEO of one of Bradesco’s privately owned companies. In 1998 he became managing director of Banco Bradesco and climbed the ladder to CEO from there. In 2009 his 40 years of service to the bank finally paid off and he became the 4th CEO Bradeso has ever had following the death of the 3rd. Now the graduate of Sciences and Letters from Sao Paulo de Marilia with a postgraduate degree in Socio-Psychology gets to choose the 5th.
The succession is part of a strategy for the bank. To ensure Banco Bradescos survival and continuity many believe that refreshing the bank’s board is key. New leadership ushers in innovations, and the choice of CEO will ultimately take the bank in a new direction. Many favor Mauricio de Minas as his experience in IT bode well for future endeavors. As technology advances and more things become digital, having someone at the helm who understand that world may be vital. Whatever the choice, Bradesco plans to stick around for quite some time. Their choice will reflect that.
Learn more about Luiz Carlos Trabuco: http://www.valor.com.br/financas/5153264/bradesco-novo-presidente-saira-do-corpo-executivo-afirma-trabuco