Lazaro Brandao, the chairman of Bradesco Bank, has taken a retirement after serving as the banks top man. The man has operated at the bank in the last seven and a half decades: he has been a worker under the bank since its establishment. The 91-year-old clarifies that his retirement plan was not influenced by any forces but just a will. At one time he served at the subordinate level; with time he rose up the ranks till he became the chairman. He has served explicitly as the bank’s chairman for over twenty years.
Bradesco is highly rated among the performing private banks in Brazil. The rating is backed by its variety of both services and financial products. The bank that deals with both financial and insurance services now has a new chairman: Luiz Carlos Trabuco.
The new chairman has been the company’s chief executive officer. His appointment will also allow younger staff to be endorsable for leadership. Until March 2018, Trabuco will remain at the helm of both positions before getting a predecessor. The major investors will determine the predecessor of Trabuco. The bank plans to get its CEO by promoting one of its executives to be the head. Possible candidates include Mauricio Minas, Octavio Lazaro, and Josue Pancini.
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Trabuco’s leadership as the chief executive officer of the bank has earned him praises and honors for his great effort to operate the bank despite the problems that arose during his early years; for instance, Unibanco and Banco Itau merged to form a superior unit and became a significant threat and a competitor to Bradesco. This effect made Bradesco bank to fall in ranking to number two. With time, the bank stock dropped by a considerable percentage. Many underestimated his leadership and management capabilities. He did not give up on seeing the banks excellence despite the high competition.
Fortunately, with time, the CEO was able to beat all odds by leading the bank to its number one position. The excellent direction of the bank came after the completion of a 5.2-million-dollar deal from HSBC in 2015. As a result, the stock price also increased. The improvement is recognized as an excellent historical record in related financial scenarios. The bank enjoys significant economies of scale and continued dominance. His replacement seems hard for management to choose since it will be difficult to match his. The company has been well satisfied with his leadership. Though Mauricio Minas is said to be a possible successor, shareholders will have to determine.
Trabuco will now be handling the two positions until the next CEO is chosen: as the chairman and as the chief executive officer. He was set to retire as the CEO at the age of 65 years, but his tenure was extended by the amendments made to increase the retirement age to 67. He will be therefore relieved his duties as CEO in March.
Trabuco holds a sociology degree from the University of Sao Paulo. He Has vast working experience, which includes his current working premises. He also had a membership in the Brazilian Association for listed companies as well as served as the president of the National Association for Private Pensions (ANAPP) before the year 2000.
Trabuco, the current chairman, has been the chief executive officer of the Bradesco S.A from 2009 up to date. He started his career at the bank in early 1969; he rose through numerous levels to become marketing manager by 1989. He has served as a member of the ArcelorMittal Brazil. In 2003, he served as the director of Odontoprey up to 2009. He also served as the manager of Bradesco Seguros group as well Banco Esparto.