Luiz Carlos Trabuco, the CEO of Brazilian banking giant Bradesco, recently announced that his tenure will finally be drawing to a definitive close. The inveterate banker, who has spent nearly 50 years with the firm, will replace Lazaro Brandao as the chairman of the board of directors. The outgoing Brandao, 91, has announced that he will be retiring after more than 75 years with the bank.
Brandao has accomplished much but says that the future is still full of challenges
Over the course of his extremely long career with Bradesco, Brandao, who first stated working for the bank in 1943, at the age of just 16, has finally decided to call it quits. The nonagenarian has stated that the decision to finally retire was solely his own and that he did not receive any pressure from shareholders or the board. Brandao said that he wanted to ensure that there would be strong continuity of the company’s executive personnel and that he and his family had concluded that it was the right time for him to retire.
Brandao quickly named Trabuco as his successor. The latter has been hanging on to his post through a serious of extensions granted by Brandao himself. Trabuco, 67, would have otherwise been required to retire from the position of CEO at the age of 65, were it not for Brandao’s continued granting of waivers. The reason for the mild bending of the company’s bylaws was the massive HSBC acquisition that had gone through in 2015. From the start, the deal was the brainchild of Trabuco and was his project through and through. Without Trabuco at the helm, Brandao had worried that anyone else would have the knowledge of the deal and all of the moving parts to be able to successfully complete the integration of HSBC’s systems, assets and personnel with the rest of Bradesco.
But as the process of integrating HSBC with Bradesco as a whole comes to a close, Trabuco will transition to the chairmanship, opening his old job to a new CEO. Although it is widely being reported that there are up to seven viable candidates to fill Trabuco’s old shoes, the smart money is betting on just two, with one being heavily favored.
Both Mauricio Minas and Alexandre Gluher have been named as potential candidates to step into the CEO’s suite. Gluher, 57, is the head of Bradesco’s risk management department and has been with the firm for nearly his entire career. Minas, on the other hand, heads up the IT unit and has only been with the firm for a few years. Normally, Gluher’s seniority would heavily favor him to be tapped as Trabuco’s successor. But many close to the action say that Trabuco is so bullish on technology that Minas will almost certainly be the one to get the job, despite his relatively paltry time in with the bank.
But Minas has some impressive accomplishments to his name. Since the HSBC acquisition, he has been in charge of integrating all technology systems from HSBC into Bradesco’s IT structure. By all accounts, this project has been a round success, winning Minas the admiration of the executive suit in general and Trabuco in particular.
But, perhaps, Minas’ greatest achievement at the bank was the creation of the Next online banking platform, a mobile and internet banking system that has proven to be so successful that 14 million of the bank’s customers have been successfully migrated to it. In fact, the Next system has now been spun off into its own firm.https://www.bradescori.com.br/site/conteudo/interna/default3.aspx?secaoId=572
Minas’ extensive track record of tech successes almost ensure that he will be named as Trabuco’s successor.