Earlier this year, veteran Brazilian banker Lazaro Brandao announced that he would be stepping down from his position as the chairman of the board of directors at Bradesco. Long seen as his natural successor, the bank’s vice chairman of the board and the current president, Luiz Carlos Trabuco was selected to become a new chairman. While this move was lauded by many including Lazaro Brandao himself, it also left the bank in the precarious situation of not having a president. The board, therefore, resolved to select a new president before the next shareholders’ meeting to be held in March 2018. Further, with the date for the new president’s appointment being so far away, the board also decided to have Luiz Carlos Trabuco continue serving in the capacity of president even while being chairman.
Farewell to Lazaro Brandao
Lazaro Brandao’s resignation came 74 years after he joined Bradesco. That would make his banking career as old as Bradesco itself, given the fact that he joined the bank in the same year that it was founded. He has overseen the most prosperous periods in the bank’s history, first as president, then as chairman. As chairman, he has granted presidents the freedom and flexibility to undertake risky ventures that could exponentially grow the Bradesco brand. For instance, in 2015 he quickly gave Luiz Carlos Trabuco the permission to go ahead and acquire mid-tier HSBC for a whopping $5.2 billion. Despite the price tag involved, the acquisition was a great success and placed Bradesco back in the top league of Brazilian banks. Understandably, replacing such an influential individual would be a tough ask of any company. Fortunately, however, Mr. Brandao has himself expressed his approval at his mentee, Luiz Carlos Trabuco being named the president.
New Challenge for Luiz Carlos Trabuco
The position of chairman will be the latest in the list of many that Luiz Carlos Trabuco has held at the large Brazilian bank. His first position at the bank was that of the clerk, which he was appointed to as he joined the bank in 1969. He then went on to earn a number of quick promotions that led him being named marketing director in 1984. Widely considered a challenging role, he surprised many with his impressive performance at the department. He succeeded in making the Bradesco brand more visible in the eyes of the public largely by mending the relationship between the bank and the media. He also initiated a number of memorable marketing campaigns that helped Bradesco solidify its position as the largest private lender in the country. A few promotions later he was then named the president of Bradesco’s largest subsidiary and famed insurance company, Bradesco Seguros. In the six-year period that he spent at the company, he more than doubled its value and significantly increased the revenue contribution that it made to the Bradesco group’s annual financial results. His talents caught the eye of the Bradesco board, and he was consequently named the president of the bank. Over the last nine years, he has diligently served as the bank’s president in a better fashion than anyone else possibly could.
Now as the chairman of the bank, Luiz Carlos Trabuco will largely concentrate on ensuring Bradesco meets as many needs as possible of its stakeholders. These stakeholders include the customers, employees, and shareholders. Additionally, he will have to provide guidance and direction to the incoming president before he/she adequately finds his feet. All in all, however, we can all expect big things from Luiz Carlos Trabuco in his new role as chairman of the board of directors.
Learn more about Luiz Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926243-proximo-presidente-do-bradesco-saira-da-diretoria-do-banco-diz-trabuco.shtml