In the last few years, the Bradesco brand has become synonymous with the Brazilian economy. Just like the economy, the Brazilian bank has shown great resilience to wade through tough conditions and come out on top. Currently, the bank is faced with another murky situation that it will have to navigate through with great caution: a succession process.
The position of president at the bank has recently become available following the appointment of the current president, Luiz Carlos Trabuco to the position of bank chairman. The previous chairman, Lazaro Brandao indicated in early October that he would be leaving the bank after seven decades of service to allow younger and fresher leaders to filter through.
The retiring Lazaro Brandao has had quite a successful career at Bradesco. In fact, his professional career as a banker is just as old as that of Bradesco. He joined the bank in 1943, the same year that it was formed to work as a clerk. Four decades later, he had already ascended to the position of president, having become the founder, Amador Aguiar’s closest ally. In 1990, his legacy was permanently tied to the bank after he was named its second-ever chairman. He held this location until six weeks ago when he decided to resign at the ripe age of 91. While his resignation was not exactly planned, the bank was at least prepared for it. In addition to being bank president, Luiz Carlos Trabuco had been serving as Brandao’s deputy on the board for the last three years. As such, Trabuco has been getting first-hand training on how to act as a chairman from the veteran banker himself.
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To ensure the continued profitability and growth of the Bradesco brand, the bank will have to select a competent leader to replace him. That said, while the position of president has become available it is by no means vacant. Current president, Luiz Carlos Trabuco will continue serving in the position till the board votes on who his replacement will be. This will ensure that the bank continues to run as normally as possible, and with Trabuco having the president for the last nine years it will likely not be too much of a hassle holding two senior positions at the same time. The board is set to vote on the issue who the next president will be in March 2018.
While the race to become the next Bradesco president is largely considered open, there are those who are primarily seen as the favorites. As with previous succession cycles, the next president is expected to be an employee currently working at Bradesco. Consequently, the senior executives are seen as having the greatest chance of ascending to the powerful position. In particular, four of the bank’s vice presidents are seen by industry observers as being the most presidential: Alexandre Gluher, Josue Pancini, Mauricio Minas and Octavio Lazari. In addition to having been at the bank for more than two decades, each of these four vice presidents has played an instrumental role in helping Luiz Carlos Trabuco grow the bank over the course of his nine-year tenure.
While the incoming president will understandably be faced with a plethora of challenges, he will also be operating in an economic climate full of lucrative opportunities. For the first time in a while, the Brazilian is healthily growing, and the financial sector has accordingly rebounded. This coupled with the foundation laid by Luiz Carlos Trabuco means that the incoming president is a lot better to succeed than when Trabuco was appointed to the position nine years ago.
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