For the next few months, Luiz Carlos Trabuco will hold the enviable double-title of chairman of Brazilian bank, Banco Bradesco. This follows his appointment to the position of chairman earlier in the month of October this year. The position had unprecedentedly become vacant after its previous holder, Lazaro Brandao decided to resign at the age of 91. The appointment of Luiz Carlos Trabuco to a new docket has also created the need to have someone else take his previous position. However, the next president will not be selected until March 2018, thus creating the need for Luiz Carlos Trabuco to continue being president.
Taking over from Lazaro Brandao
Lazaro Brandao was the only person who had been at Banco Bradesco longer than Luiz Carlos Trabuco. In fact, Mr. Trabuco’s 48-year stay at the bank compares starkly with Lazaro Brandao’s 74-year stay. Further, Mr. Brandao had been the chairman of the board for a whopping 27 years and also the president of the bank for a considerable amount of time before that. Consequently, even the highly accomplished and celebrated Luiz Carlos Trabuco will have a hard time filling in the gap left by Lazaro Brandao. However, the same was also said of Mr. Trabuco when he took over as the bank president from the much more experienced Marcio Cypriano in 2009. He has gone on to have a highly successful tenure in what has been arguably the toughest economic climate in Brazil for the last few decades.
Process of Selecting a New CEO
As dictated by the bank’s bylaws, presidential appointments at Bradesco can only be made before the annual shareholders’ meeting. Consequently, the selection of the new president will not be made until March 2018. That said, when the time comes, the Bradesco board will vote on the best pick from a list of potential candidates constituting of only Bradesco employees. The tradition of only considering those already working at the bank for the presidency is one that Bradesco has held on to for a long time. In fact, all of the bank’s previous presidents appointed by the board were previously working at the bank for a considerable amount of time. Therefore, the next president will be one of the people currently serving as a vice president at the bank.
Brief Profile of Luiz Carlos Trabuco
Luiz Carlos Trabuco hails from the small Brazilian city of Marilia. Coincidently, this also happens to be the place where Amador Aguiar, Bradesco’s founder, set up the bank’s first office. He studied sociology and psychology at both the undergraduate and postgraduate level. However, despite not having an academic background in banking, he has matured greatly into a highly respected banker. Consequently, he is often consulted by the media on issues relating to the health of the Brazilian economy.
After three decades working at the bank, Luiz Carlos Trabuco was appointed the bank’s president in 2009. While his immediate mandate at the bank was to continue expanding it into a financial giant, he was unfortunately held back by the struggling Brazilian economy under the weight of the global financial crisis. However, he initiated a well thought out organic growth plan that not only helped the bank survive the difficult period but also continue growing through it. After the economy improved, he continued the bank a lot more aggressively, particularly with the acquisition of HSBC. Valued at $5.2 billion, the acquisition was the biggest in Bradesco’s history and also the biggest financial transaction in Brazil for 2015. Hopefully, he will continue with the same pace at his new position as chairman.
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