Banco Bradesco SA is not only the second largest private bank in Brazil but also a pioneer in matters technology. The Osasco-based Bradesco boasts of $413 billion in total assets (2017). Based on 2016’s financial records, Bradesco earned $4.6 billion in net income. The bank has over 100 thousand employees and a presence all over the world. Bradesco’s present status results from decades of investment in technology. Bradesco is the first Latin American company to purchase a computer, introduce internet banking, and launch the use of credit card in Brazil.
Bradesco is a blue chip company desirous of regaining market leadership as the largest private bank in Brazil, and the bank will leverage anything including the bank’s management to attain its goals. Although various leadership positions within a company contribute to the attainment of a firm’s objectives, chairpersons of the board of directors and CEOspresidents are the faces of a company. They set the general direction that a business should take and steps to accomplish the company’s goals. For the past eight years, Lazaro de Mello Brandao, retired chairman of the board of directors, and Luiz Carlos Trabuco, the serving CEO, formed a formidable team in the quest for Bradesco’s goals. However, Lazaro de Mello Brandao, 91, resigned in the last quarter of 2017. Brandao left honorably after being Bradesco’s chairman for 25 years, in addition to other leadership positions since he joined Bradesco in 1943.
There is no denying that chairpersons are instrumental in making critical decisions that affect the functioning of an institution. Cognizant of this fact, Bradesco could not afford to leave the vacancy left by Lazaro de Mello Brandao for an extended period. Bradesco appointed Luiz Carlos Trabuco as the new chairman of the board of directors of Bradesco. The bank entrusted its chairmanship and presidency to Luiz Carlos Trabuco as the 66-year-old professional has demonstrated over the course of his 48-year-career at the bank that he is a capable leader. However, his time as the president of Bradesco is quickly running out as he is expected to step down in March. Bradesco will have to name his successor by March.
There was no telling when Bradesco started prospecting for a new president, but sources from within the company confessed to Bloomberg that Bradesco had been deliberating on the matter for an extended period. In light of the same, the bank had identified seven high-ranking executives. They include
• Mauricio Machado de Minas
• Alexandre da Silva Gluher
• Domingos Figueiredo Abreu
• Josué Augusto Pancini
• Marcelo de Araujo Noronha
• Octavio de Lazari
• André Rodrigues Cano
As expected, the seven are presently part of Bradesco either as heads of departments or subsidiaries. It is understandable why Bradesco excluded professionals from outside the company in its quest to name a new CEO. The bank needed someone who understands its culture and inner workings; someone who has been at the bank for a considerable period. The seven have been Bradesco’s employees for an average of 32 years. In fact, apart from Noronha and Minas, the rest joined Bradesco in either the ‘70s or the ‘80s.
Interesting times lie ahead for Bradesco when its new team consisting of Chairman of the Board of Directors Luiz Carlos Trabuco and a new CEO to be named commence its tenure in office. As the Bradesco’s CEO, Luiz Carlos Trabuco fostered Bradesco’s expansion through inorganic growth. He spearheaded the bank’s takeover of many smaller bank’s including the purchase of the Brazilian branch of HSBC in 2015. Bradesco spent $5.2 billion to purchase HSBC Brazil. Luiz Carlos Trabuco was the face of the takeover and was named “Entrepreneur of the Year.”