Recently, one of Brazil’s most respected businessmen, Lazaro Brandao, announced that he would be stepping down as chairman of the board of directors for Brazilian banking giant Bradesco. After a career spanning more than 75 years, Brandao has worked with the company since he was 16 years old. In 1943, the year the firm was founded, he was hired on as a bank teller. Over the next 75 years, he would rise through Bradesco’s ranks, eventually rising to the positions of both CEO and chairman of the board of directors.https://pt.wikipedia.org/wiki/Luiz_Carlos_Trabuco_Cappi
But at 91 years old, Brandao says that he’s had enough. Aside from his family acknowledging that it was time for the inveterate banker to finally retire, Brandao says that the decision to renounce his position was taking solely on his own, without any kind of pressure from shareholders or board members. Brandao has stated that he wants to ensure managerial continuity of the firm and give younger executive talent the chance to move up.
But his departure also comes at a time when the current CEO of Bradesco, Luiz Carlos Trabuco, is also being forced to retire from that position due to statutory limitations on his continuing to serve. In fact, it was Brandao himself who personally extended a waiver for Trabuco, 67, to continue on as CEO, despite the fact that the firm’s corporate bylaws prohibit any CEO from serving past the age of 65.
This extraordinary measure was taken in the wake of the completion of Bradesco’s acquisition of HSBC Brazil and all of its holdings, a $5.2 billion deal that has required intensive efforts on the part of the executive staff, especially Trabuco, to fully integrate the acquired bank’s systems, assets and corporate culture into that of Bradesco. To date, these efforts have been a phenomenal success.
Trabuco will choose his own replacement
Per the corporate charter, Trabuco will be responsible for selecting his replacement. Although he has been tight-lipped about the process, most people in the know assume that there are only two real contenders. The first is Alexandre Gluher, the chief corporate risk officer for the bank. At 57 years old, Gluher has been with the firm for decades and has seniority over the other pool of candidates.
However, it is Mauricio Minas, 58, that many people have pointed to as being the very probable successor to Trabuco. Minas is the firm’s chief technology officer and, although he has only been with the firm for a little over a decade, he has been responsible for some major successes during that time. Those close to Trabuco say that the CEO is extremely bullish on technology and views the future of the bank as largely hinging on its ability to create value through the marriage of technology to legacy banking products. In particular, it is said that Trabuco believes that Bradesco can continue to get a large edge over its competitors in the country’s growing mobile banking market.
Minas has been responsible for one of the bank’s most successful programs in recent years. As the man who oversaw the development of Next, an internet banking platform credited with allowing Bradesco to rapidly expand its user base among Brazil’s nascent tech-savvy banking demographic, Minas’ pet project turned out to be so successful that it was eventually spun off into its own company. Minas has also been overseeing the integration of all technology assets of HSBC into the Bradesco system.
Trabuco himself has been intently focused on growth for most of his career. Whoever ultimately ends up as CEO of Bradesco, it is a good bet that the bank will continue aggressively seeking growth into the future.