The search for a new Bradesco CEO wasn’t an international or domestic resume reading exercise. CEO and now Chairman Luiz Carlos Trabuco, and outgoing Chairman Lázaro Brandão knew the right man for the job, and he was already a bank employee. But both men wanted to make the choice a fair one, so seven candidates were in the running to replace Luis Carlos Trabuco.
Sixty-seven-year-old Trabuco was approaching the old CEO age limit, so it was just a matter of time before he had to get out of the way and make room for a new bank leader. Lázaro de Mello Brandão made Trabuco’s choice a little easier when he decided to retire after working for Bradesco all his professional life. Lázaro de Mello Brandão was one of Bradesco’s first employees. He and founder Amador Aguiar worked together in 1943. Trabuco didn’t come on board until 1969, but Brandão and Aguiar knew Trabuco was going to be a huge asset in the years to come. And they were right.
Mr. Trabuco is the face of the bank in the international banking community as well as in Brazil. His list of accomplishment in banking as well as in environmental and social issues is impressive. The bank’s executive team credits Trabuco for putting the 2015 acquisition of HSBC’s Brazilian together. And they give him high marks for setting up mobile banking services. Mobile banking is gaining steam in Brazil because there is more 4G mobile service available in the country. Bradesco plans to continue expanding its mobile and Internet banking services when new CEO Octavio Lazari gets the green light from the shareholders on March 12th.
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Lazari Brandão is another banking veteran with an impressive banking track record. He was an office boy in 1978, but Octavio went through the bank’s training program and became a manager, then vice-president. His last role with the bank was vice-president of Seguros, the bank’s insurance arm. Trabuco was the Seguros top executive from 2003 to 2009. In late 2009, Brandão gave him the keys to the CEO office. Trabuco is about to give those same keys to Lazari.
According to valor.com.br Wall Street is backing the CEO move, so investors are behind all the executive changes. Many of the bank’s shareholders don’t want to see 91-year-old Lazari Brandão retire, but it is time for him to move on. For the last eight years, Trabuco is the man most shareholders depend on.
As soon as Trabuco gave the press the news about Lazari’s promotion, Lazari went into CEO mode. He told the press Bradesco was facing challenges in 2018, but the bank was ready to conquer them. Those challenges are digital innovations updates as well as getting rid of under-performing bank branches. Bradesco has more than 5,300 bank branches. The bank’s branches in many Brazilian cities are becoming obsolete because of mobile and Internet banking. Lazari and his executive are going to address those issues in 2018.
Learn more about Luiz Carlos Trabuco: http://economia.estadao.com.br/noticias/geral,bradesco-anuncia-substituto-de-luiz-trabuco-na-presidencia-do-banco,70002178384