Luiz Carlos Trabuco recently announced that he would be stepping down from his role as CEO of Bradesco, the largest bank in Brazil. The news comes amid a number of major changes in upper management at the bank. Also departing is Lazaro Brandao, the oldest actively serving chairman of a bank anywhere in the world. Trabuco will be taking over Brandao’s position, becoming the first new chairman of the bank in 27 years.
Trabuco chooses his Successor
According to bloomberg.com, the vacancy left by Trabuco’s departure will need to be filled by March of 2018. At first, there were rumors that Trabuco would seek the new CEO from outside of the firm. This idea had some basis in fact. Trabuco has long been a force for modernization in the way that the bank does business. This has included adopting the same kinds of often harsh but effective personnel policies that the major banks of North America have used to great success. Included in these is a propensity to hire top managerial talent out of the pool of professional executives with proven track records running other, similar institutions.
However, Trabuco being the CEO and president of the company quickly put that idea to rest. He has stated unambiguously that he will not part with company tradition in recruiting the next CEO from within the firm’s own ranks. This signals that there are essentially only seven viable candidates to become the next CEO. However, those close to the process say that only two of those, currently both junior executives with the bank, have any real chance at becoming the next head of Bradesco.
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The first is Alexandre Gluher. The 58 year old risk management executive has been instrumental in guiding the bank through some very tumultuous times over the last ten years. He was also a major player in the acquisition of HSBC, ensuring that all of the assets being acquired would be able to seamlessly fit into Bradesco’s risk management models. Gluher also has nearly an entire lifetime spent at the firm. In contrast to some other candidates, this gives him a huge advantage in seniority, aside from also having an excellent track record at his job.
But many close to the action say that Trabuco is not overly enthused with soft metrics, such as seniority or credentials. Over the course of his career, Trabuco has gained a reputation as being a highly effective leader and a huge proponent of meritocratic promotion within the bank.
This observation has led many observers to suspect that the likely replacement at CEO will be Mauricio Minas, At 57, the bank’s chief technology officer has the least seniority of any other candidate, having only been with the firm around five years. However, in that time, he has personally spearheaded two of the most successful projects in the bank’s history.
The first accomplishment under Minas’ belt is the development of the Next internet banking platform. This system has proven to be so successful that it has been spun off into its own company. Minas was also involved in the integration of all of HSBC Brazil’s tech assets into those of Bradesco. This was a huge job that Minas was able to successfully oversee in less than two years, demonstrating his leadership ability as well as his ironclad grasp on key technologies within the bank.
Trabuco has long been a nearly fanatic proponent of technology and has stated that Bradesco’s future will hang on its ability to implement effective and timely technological solutions.
For these reasons, most observers believe that it will be Minas who is tapped as the next leader of Bradesco.
Learn more about Luiz Carlos Trabuco: https://br.reuters.com/article/topNews/idBRKBN1CF35D-OBRTP