A new executive team is emerging in the second largest bank in Brazil. Some news reports say the change in management is due to Brazil’s economic rally. Brazil was in a deep recession for more than three years. Many Brazilians blame the government for the recession, but the Brazilians banks didn’t suffer in terms of income when the recession was in full force. Bradesco and Itaú, the top two private banks made lots of money during the recession, so the news Bradesco was changing its management team because of the recession is not true.
The truth is longtime Chairman of the Board Lázaro de Mello Brandão is retiring, and Luiz Carlos Trabuco is filling his shoes as chairman. That’s no surprise. Trabuco gave the bank the impetus it needed to face many challenges in Brazil. His straight-forward management style and his ability to focus and solve major banking issues are well-known in the country’s banking industry. Trabuco is an accomplished leader, so his promotion to chairman is a natural step to assure continuity in the future.
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Mr. Trabuco got the nod to move into the chairman’s office in October 2017, but his replacement was an unknown at that time. Lázaro de Mello Brandão and Trabuco along with other board members decided to nominate seven vice-presidents as candidates for the CEO position. All seven men are members of Trabuco’s team, so they are all familiar with his banking objectives. Most people thought Mauricio de Minas, the bank’s IT vice-president, was the top candidate because he was instrumental in establishing Next, the bank’s new digital bank. Next is one of Trabuco’s banking babies. Minas did an excellent job putting all the tech details in place so the bank can compete with the tech startups that are taking business away from banks who don’t have a strong online presence. But in the end, the board and Trabuco decided to bring back Octavio de Lazari as CEO. Lazari was the president of the bank’s insurance division, Seguros. Trabuco was president of Seguros for six years, so both men have a similar background with the bank.
Lazari’s nomination got the thumbs up from the shareholders at the March shareholders meeting according to valor.com.br. Mauricio de Minas also got a board position at that meeting, and so did three other members of Trabuco’s team. Obviously, the board and the shareholders are putting a lot of faith in Trabuco, Lazari, and the other members of the management team. The only position open after the meeting was a replacement for Lazari at Seguros. But the wait is over. Vinicius Albernaz is the new Seguros president, according to Lazari. Albernaz is another Bradesco executive who has an excellent profit-producing track record.
Lázaro de Mello Brandão leaves the bank after 75 years of service, but he will still be around to help Trabuco and Lazari. Lázaro is retiring, but he will still have a desk in the bank’s corporate headquarters. Lazari and his team are ready to give investors what they want in 2018, according to Chairman Trabuco.
Luiz Carlos Trabuco has been the Chief Executive Officer of Banco Bradesco S.A. since March 10, 2009, and served as its Executive Vice President. He serves as the Chief Executive Officer of Bradesco Seguros. Since March 2003, he worded as the President of Grupo Bradesco Seguros. He has been the Chairman and Director of Odontoprev S.A since December 23, 2009. He serves as a Director of Bradespar S.A. He serves as an Internal Director of the bank. He has served as a Grupo Bradesco Seguros’ Director since March 2003.
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