Luiz Carlos Trabuco Will Assume Role Of Chairman Of The Board Of Grupo Bradesco
January 3, 2018
Major changes have come to Bradesco, one of Brazil’s most important financial institutions. The bank’s longtime chairman, Lazaro Brandao has announced that he will finally draw his nearly 75-year career to a close. He will be replaced in his duties by the bank’s current CEO, Luiz Carlos Trabuco.
Both Luiz Carlos Trabuco and Brandao have quite a lot in common. Brandao himself has stated that he and Trabuco both see eye to eye on the industry and the bank’s role within the larger Brazilian economy. And both men have a fairly similar story in how they came to work for the bank.
Although Brandao’s career has lasted quite a bit longer than Trabuco’s, by some 25 years, both have worked their way up through the ranks at the firm from the absolute lowest rungs of the corporate ladder all the way to the C-suite. And both executives have been instrumental in bringing the bank to its current position of industry dominance.
Even as Brandao approaches his 93rd birthday, there are still many shareholders of the firm who have expressed serious reservations about the departure of the one man who has been there through it all. Brandao is largely credited with providing the executive leadership and vision throughout the crucial decades of the 80s and 90s, which saw the bank rise from a small regional concern to one of the most important financial institutions in all of Latin America.
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Serving as CEO from 1981 to 1990 and as both chairman and CEO, concurrently, from 1990 to 1999, Brandao oversaw the period of the bank’s most spectacular growth. He continued on as chairman to the present, serving throughout the 2000s as well. All told, the bank’s market valuation increased by a factor of more than 300 times between 1990 and 2009, marking one of the most incredible increases in value of any business in Brazilian history.
Brandao has been careful to explicitly let the shareholders know that Trabuco is the man for the job. Appeasing uneasy shareholders, Brandao stated unequivocally that there is no one else on Earth who is more qualified to continue leading the bank into the future than Trabuco. Both Brandao and Trabuco have seen eye-to-eye on most management and strategic issues over the years. This has included the bank’s willingness to develop new technologies at a pace that has allowed it to become the undisputed leader in new banking tech throughout the country.
Trabuco’s imminent departure as CEO also leaves open the question of who will ultimately be tapped as his replacement. He has stated that the search for the next CEO is a complex process and that he will take all the necessary time to complete it.
At first, there were widespread rumors that Trabuco may seek to go outside the bank to recruit the next CEO. But he quickly put those rumors to rest, stating explicitly that he would not depart from the company tradition of only recruiting CEOs from within the company’s existing pool of talent.
This has considerably narrowed to prospective number of replacements down to just a few qualified candidates according to valor.com.br. Although, at least in theory, all of the currently serving vice presidents of the bank have an equal chance to be appointed as the next CEO, experts who are familiar with the process say that there is one candidate who is an overwhelming favorite.
Mauricio Minas, the company’s chief technology officer, has been responsible for creating a number of the bank’s most successful internet platforms. Sources close to Trabuco say that his strong advocacy for the adoption of new technologies and his preference for those with a record of getting things done makes Minas the most likely replacement.
For more information about Luiz Carlos Trabuco, just visit http://www.istoedinheiro.com.br/noticias/negocios/20151218/luiz-carlos-trabuco-cappi-empreendedor-ano-nas-financas-2015/327856