Looking at a list of professionals, compiled by Bloomberg, likely to succeed the outgoing CEO of Banco Bradesco SA, one thing is clear: Bradesco is not looking beyond its talent pool in its quest to identify a new president. The list includes the names of heads of departments and subsidiaries. They include Mauricio Machado de Minas, Alexandre da Silva Gluher, Domingos Figueiredo Abreu, Josué Augusto Pancini, Marcelo de Araujo Noronha, Octavio de Lazari, and André Rodrigues Cano.
A closer look at the seven reveals that Bradesco considered some factors such as age, the duration one has served as an employee at the bank, and their contribution to the achievement of the bank’s goals. The average age of the seven is 56 years. Noronha, 52, is the youngest of the seven while Cano, 59, is the oldest.
But why is age a factor in the succession contest? Lazaro de Mello Brandao was appointed the second CEO of Bradesco as a 55-year-old professional. Brandao’s successor, Marcio Cypriano, assumed office as a 56-year-old professional. And Cypriano’s successor, Luiz Carlos Trabuco, took over as a 58-year-old professional. Apparently, Bradesco is unwilling to entrust leadership to younger professionals owing to Bradesco’s size and position in the Brazilian banking sector: the second most significant private bank in Brazil after Itaú Unibanco. Other pundits suggest that age is a significant factor as the bank’s bylaws direct that CEOs should not be older than 67.
The duration a professional has served at the bank is emblematic of an understanding of Bradesco’s culture. When Brandao ascended to the office of the president of Bradesco, he had served as an employee for 38 years. Cypriano and Luiz Carlos Trabuco had worked at the bank for 26 and 40 years respectively. Looking at the seven professionals suggested to succeed Luiz Carlos Trabuco, they have been at the bank for an average of 32 years. With the exemption of Noronha and Minas who became part of Bradesco in 2003 and 2009 respectively, the remaining five joined Bradesco in either the ‘70s or the ‘80s. Pancini, 57, is the longest-serving having commenced his career at the bank in 1975.
Each of the seven potential CEOs has made a mark in Bradesco’s success story. For example, Gluher, 57, alongside Abreu, 58, contributed immensely to Bradesco’s takeover of HSBC Holdings Plc.’s retail unit in Brazil. The takeover, which occurred in 2015, saw Bradesco spent $5.2 billion. Luiz Carlos Trabuco, who was the face of the transaction, praised the acquisition as having bestowed on Bradesco at once, what the bank would have achieved in over six years of organic growth.
Luiz Carlos Trabuco
He has made it to the history books as the fourth CEO of Bradesco and the third chair of the board of directors of the Osasco-based Bradesco. Luiz Carlos Trabuco’s appointment as the chairperson of Bradesco occurred on October 11, 2017. The bank settled on Luiz Carlos Trabuco to succeed the immediate former chairman, Lazaro de Mello Brandao.
Luiz Carlos Trabuco’s career in the banking industry started in 1969 when Bradesco offered him an opportunity to discharge clerical duties; he was a 17-year-old teenager. Since then Luiz Carlos Trabuco has been an employee of Bradesco. Over the years, Luiz Carlos Trabuco has held various roles at the bank. Some of the functions include stints as marketing director, CEO of Bradesco Vida e Previdência, president of Bradesco Seguros, etc.
Over the course of his career, Luiz Carlos Trabuco has accumulated various awards. More recently, Forbes Magazine included him in its 2016’s list of “Best CEOs in Brazil.” Owing to the 2015’s acquisition of HBSC Brazil, Isto É Dinheiro Magazine named Luiz Carlos Trabuco “ Entrepreneur of the Year” in the finance category.
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