The twenty-fourth largest bank in the world is set to restructure its managerial system this March. The bank’s President of the board of directors Lazaro Brandao has announced his retirement at the age of 91. Brandao will be replaced by the banks current Chief Executive Officer Luiz Carlos Trabuco effective immediately. The bylaws of the bank were altered in 2016, because the bank was going through its largest acquisition, the acquisition of HSBC’s Brazilian unit.
This and the tragic death of the President of Bradesco Seguros, Antonio Rossi who was supposed to take up the position as CEO from Luiz Carlos Trabuco made it difficult to appoint a new CEO at the time. The maximum age limit for the CEO was 65 years, but was changed to 67 so Luiz Carlos Trabuco could ensure the smooth transition of the new CEO and the acquisition. The board of directors will announce the new CEO, which will most likely be Octavio de Lazari Junior who has been with the bank for almost forty years.
Octavio de Lazari Junior is currently one of the seven Vice Presidents of Bradesco and the President of Bradesco Seguros. The bank seems to have a tradition to appoint the President of Bradesco Seguros as the new CEO. Trabuco Bradesco had held the position before his promotion, Antonio Rossi held the position before his untimely death and now Octavio will hold both positions. Bradesco will officially make the announcement during its first board meeting on March 12th. Lazari earned his degree from the Faculty of Economic and Administrative Sciences of Osasco, Sao Paulo and specialized in financial strategies and marketing, which enabled him to become the head of the most lucrative divisions of Banco Bradesco, the loan insurance portfolio.
Bradesco will also elect a new board of directors, which will be headed by Luiz Carlos Trabuco. The new members will include Vice Presidents, Domingos Figueiredo de Abreu, ALexandre da Silva Gluhar, Josue Augusto Pancini and Maurcio Machado de Minas. Cassaiano Ricardo Scarpelli and Eurico Ramos Fabri will be promoted to the Vice President position as well. The restructuring of the banks management will increase the banks efficiency and overall image. Most of the employees at Bradesco have been working for the company since they were teenagers. They worked as office boys, running errands and cleaning. Like Luiz Carlos Trabuco, Octavio has worked his way up through the ranks and will now become the next CEO.
The other Vice Presidents who are in the running for the position of CEO are Josue Augusto Pancini, Alexandre de Silva Gluhar, Andre Rodrigues Cano, Domingos Figueiredo Abreu, Marcelo de Arajuo Noronha, and Mauricio Machado de Minas. Most of which have been with the bank for over 30 years.
Luiz Carlos Trabuco has been with the bank since he was 18 years old. He earned his respect and position by upholding the traditions and values of the bank which was founded by Amador Aguiar in 1943. Luiz Carlos Trabuco earned his Bachelor’s degree in Philosophy, Science and Letters from the University of Sao Paulo while working at Bradesco. He then earned his Master’s from the Foundation School of Sociology and Politics with a degree in Socio-Psychology.
Bradesco bank manages more than $390 billion in assets and employs more than 100,000 people. It is headquartered in Sao Paulo, Brazil and is traded on the NYSE as well as local Brazilian trading platforms. It has over 5000 agencies all over Latin America and is currently the second largest private bank in Brazil. The future is always unpredictable, but with Bradesco Banks new vision and management I believe it has a bright future ahead.
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