Luiz Carlos Trabuco Cappi, President Of Bradesco
Said to be the world’s oldest serving bank chairman, Lazaro de Mello Brandao, gave a statement saying he would soon step down from the position at Banco Bradesco SA after serving in this role for more than 25 years. His decision will trigger a new race in the grab for succession at the second biggest bank of Brazil based on market value.
Who Will Take Over?
While no one knows who will step into the new role, Luiz Carlos Trabuco Cappi, the chief executive officer for the bank, will assume the role of the bank chairman until March, which is when the lender will choose the new CEO for the bank. In 1943, the executive first began as a bank clerk at 16 years old. As time passed, he rose through the position to become only one of two chairmen that Bradesco has ever had. In addition, he became only one of the four CEOs for the company, which was a title held from 1981 to 1999. Based on data from Bloomberg, Lazaro de Mello Brandao can proudly say he’s the oldest of the banking leaders.
Why Did He Resign?
Brandao, the CEO of the company, said that he chose to step down from the company, and he plans to keep a firm grip on a few of the holding companies from Bradesco, which means he won’t step down from power entirely. However, reaching the age of 91, he wants to lower his number of responsibilities.
How Brandao Helped the Company
As chairman of the board, Brandao nurtured a management culture where the most qualified for their position were promoted in the ranks of the company. They didn’t look as much outside for new talent, but it seemed to work. Even with Brandao’s plans to resign, Bradesco will likely keep the same course. In fact, experts speculate they will pick a new chairman from seven of the top-ranked executives at the firm. They do this because they hope the new CEO respects the immense talent Bradesco already has.
When Brandao made his announcement, shares dropped 1.2 percent. Nevertheless, they remain ahead 39 percent this year, and the stock will likely continue to buoy. Even after serving 75 years with the company, Brandao says he never felt a twinge of regret for staying dedicated to the company. In fact, he even plans to take the same desk he’s worked at for the last couple years with him. He even says that when he told his family about his decision to leave Bradesco, they told him, “Finally!”
Who are the possible candidates who could step up as the new CEO?
• Mauricio Machado de Minas
• Alexandre da Silva Gluher
• Domingos Figueiredo Abreu
• Marcelo de Araujo Noronha
• Josué Augusto Pancini
• Octavio de Lazari
• André Rodrigues Cano
As you can see, the new candidate will most likely step up from the internal candidates. Luiz Carlos Trabuco Cappi will hold the position of CEO until March. Bradesco has plans to unveil the new CEO of the company 30 days before the shareholder assembler, which will take place in March. Since March of 2009, Luiz Carlos Trabuco Cappi has held the position of Chief Executive Officer, and he has served as the Executive Vice President. He first started at Bradesco in 1969. Luiz Carlos Trabuco Cappi earned a post-graduate degree from the USP School of Sociology and Politics. Exactly what the future has in store is unclear, but Luiz Carlos Trabuco Cappi will act as a placeholder until the time comes for a new CEO to step into his new responsibility.
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