Bradesco will be choosing a new CEO soon as its current one is about to rise to the company’s topmost seat. This is happening at the largest bank in Brazil because its present chairman is stepping down from his post. In keeping with the company’s management style, the choice of a new president will be coming from inside their ranks. Apparently, seven of their present executives are being considered for the post. Who will be the lucky one? If all things will go as planned, the name of the new president will be revealed soon.
Lazaro Brandao, 91, the current chairman, is vacating his seat to pave the way for Luiz Carlos Trabuco, its current CEO, to assume the post. As a consequence, the bank has to choose a new president to take up the responsibilities that Trabuco will leave behind. It seems the bank will reveal the name of the new CEO one month before they hold their shareholder’s meeting in March. According to a bank insider, there is already a shortlist of the candidates for the post. All of those included in the list are sitting executives of the bank.
Brandao has served the bank for more than 75 years. Being 91 years old, he is regarded as among the oldest bank chairmen in the world. He started his employment with Bradesco in 1943 as a lowly bank clerk. He was only 16 at that time. But due to his diligence, talent and effort, he rose to the chairmanship post. Before he became chairman of the bank, he first served as its CEO from 1981 to 1999. According to statistics, the bank is considered as Brazil’s second-largest in market value.
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According to economia.estadao.com.br Brandao championed the present management style of Bradesco, wherein vacant executive seats are filled up with inside qualified talents. This is why Trabuco is set to assume Brandao’s post when he resigns. Since no CEO has been selected yet, Trabuco will still function as the bank’s CEO while assuming the responsibilities of bank chairman at the same time.
Trabuco served in various executive positions in Bradesco for more than 15 years before he became its marketing director. He was appointed CEO in 1992 and served in that capacity until now when he is about to be raised to the bank’s chairmanship post. The bank changed its bylaws regarding the maximum age for its CEOs only last year. It was increased from age 65 to age 67. This change allowed Trabuco to name a successor at the start of this year.
Bradesco is considering seven of its high-ranking executives for the position of president. It is very likely that one of them will assume Trabuco’s former position once he sits as the bank’s new chairman. The following executives of the bank are included in the short-list of candidates for CEO:
Alexandre da Silva Gluher, 57, the current chief risk officer of the bank
Mauricio Machado de Minas, 58, Bradesco’s head of IT department
Josué Augusto Pancini: Pancini, 57, the bank’s head of branch network and overseer of its high income segment
Marcelo de Araujo Noronha, 52, the youngest among the lot and is in charge of the bank’s corporate and investment banking
Domingos Figueiredo Abreu, 58, Bradesco’s head of lending and treasury department
André Rodrigues Cano, 59, the bank’s head of human resources department
Octavio de Lazari, 54, the second youngest of Bradesco’s executives on the list and is head of the bank’s lender’s insurance unit
Brandao said his resignation as chairman of the bank is his own decision. He also added that he has no regrets in serving the bank for the past 75 years. Brandao will still take charge of the bank’s holding companies when vacates his post as chairman.
Find more about Luiz Carlos Trabuco: https://economia.estadao.com.br/noticias/geral,prisao-dos-irmaos-batista-nao-impactam-risco-da-jbs,70001996105