On the 11th of October 2017, Bradesco announced that its chairman of close to three decades, Lazaro Brandao had decided to resign. The decision had long been expected due to Brandao’s advanced age – he is currently 91. It was also announced that the bank’s current vice chairman and chief executive officer of the bank, Luiz Carlos Trabuco would fill in Brandao’s shoes. Having been with the Brazilian bank for close to five decades and a long-time mentee of Brandao, Luiz Carlos Trabuco’s appointment did not also come as a surprise to many. That said, the bank is now faced with the momentous decision of having to select a new CEO to carry on with the diligent work commenced by Luiz Carlos Trabuco.
According to the Luiz Carlos Trabuco, a new president is not expected to be selected until March 2018. This is in line with the bank’s policies that demand a decision of that nature be made only after the board meeting that followed the shareholders’ annual meeting. Consequently, Luiz Carlos Trabuco will be the bank’s CEO and chairman for the next few months. It will not be the first time this has been done at the bank as Lazaro Brandao also served in both capacities for a few years during the 1990s. No decision will be made on the leadership decision Bradesco will take until March next year although it is already expected that the new CEO will be selected from among the senior executives currently serving at the bank. Additionally, with Bradesco now considerably bigger than it was a few years ago, the decision has also been made to remove the membership of the president from the board has already been made. This will ensure that the president has a lighter workload and can instead fully focus his/her energies towards growing the Bradesco brand.
Given how successful the last seven years of Luiz Carlos Trabuco’s tenure have been, a lot will be expected of the incoming president. Just like Bradesco, Luiz Carlos Trabuco has his origins in the town of Marilia. A trained sociologist, he holds degrees from the University of Sao Paulo and the School of Sociology and Politics Foundation of Sao Paulo.
Luiz Carlos Trabuco has spent the entirety of his career at Bradesco. He joined the bank while he was still in his teens, first working as a clerk. He quickly grew into the position despite the lack of experience in banking or an academic background a banking-related field. His first promotion came less than two years after joining the bank when he was transferred to work at the bank’s headquarters in Sao Paulo. 13 years and a few promotions later, he became one of the youngest executives at Bradesco when he was named the department director of marketing. As with other position he had held, he thrived in this role and is most remembered for improving relations between the bank and the press. A few promotions later, he got his biggest appointment yet when he was named the president of Bradesco Seguros, a subsidiary of the bank operating in the insurance industry. His success in the position earned him industry-wide recognition and a number of accolades, including twice being named the insurance personality of the year. Following the retirement of Marcio Cypriano in 2009, he was selected to become the bank’s fourth president.
As he assumes the position of chairman, Luiz Carlos Trabuco is expected to bring his famed work rate to his new position. Five decades after joining the bank, he still works for 12 hours a day.
Find more about Luiz Carlos Trabuco: https://br.reuters.com/article/topNews/idBRKBN1CF35D-OBRTP