Major changes to the upper management of Bradesco, the largest bank in Brazil, have recently been announced. Longtime chairman Lazaro Brandao will be stepping down for good from all responsibilities with the bank. He will be replaced by the current CEO, Luiz Carlos Trabuco Cappi, who has served in that position over the last 8 years.
The departure of Brandao marks the end of an era of great prosperity and expansion for the bank. Brandao has served as chairman for the last 27 consecutive years. Even as the inveterate banker approaches his 92nd birthday, many stakeholders in the company are not pleased to see him go.
A legend of Brazilian banking steps down for the last time
Lazaro Brandao first came to work at Bradesco when he was just 16 years old. The year was 1943 and Brandao had just graduated from high school. He was quickly hired on after just one interview, and his first year with the bank coincided with the company’s first full year of operation.
Over a career that would span the next 75 years, Brandao would prove to be the most legendary executive in the history of Bradesco as well as being one of the most storied financiers in the history of Brazilian business. Brandao was first appointed CEO in 1981.
Between 1990 and 1999, he simultaneously held onto the positions of CEO and chairman of the board, the only time in the history of the bank that one person has held both job titles for anything more than a temporary period.
But it was the performance of the bank between 1990 and 2017 that really gave Brandao the reputation of being the patriarchal figurehead of the bank. Over that 27 year period, the bank increased its market capitalization by a factor of more than 300 times. This was in large part due to Brandao’s vision of aggressively seeking organic growth as well as going after strategic acquisitions.
It it for these accomplishments that so many shareholders find it difficult to imagine a Bradesco without him. But Brandao himself has repeatedly reassured investors that his replacement, outgoing CEO Luiz Carlos Trabuco Cappi, is the best man for the job anywhere on Earth.
Read more: Trabuco: Despite the uncertainties, investors believe in the country
Who will replace Trabuco Cappi?
A graduate of Sao Paulo, who has been considered as the fourth president of Bradesco leaves the question of who will replace the outgoing CEO, Luiz Carlos Trabuco Cappi. When Trabuco Cappi first announced that he would be stepping down as CEO, there were a great many rumors swirling that he may be looking to recruit his successor from outside the bank. This was quickly put to rest by Trabuco Cappi himself, who has stated unambiguously that he will not part with corporate tradition and seek to recruit from outside the firm’s ranks.
This means that the only real candidates are the seven people who make up the current junior executive staff at the bank. Although all of these people are theoretically viable candidates to become the next CEO, experts agree that there is one overwhelming favorite.
Mauricio Minas is the 57 year old chief technology officer for the firm. Industry observers say that Trabuco Cappi’s longstanding enthusiasm for technology and the role that it has played over the course of his tenure make it highly likely that Minas will be tapped as the next CEO. In addition to overseeing the creation of the highly innovative Next online banking platform, Minas was also responsible for overseeing the integration of all of HSBC Brazil’s assets into those of Bradesco, a job that was carried out with a high degree of competence and efficiency.
For this reason, the smart money is on Minas becoming the bank’s next CEO.
Find more about Luiz Carlos Trabuco Cappi: http://www.istoedinheiro.com.br/noticias/negocios/20151218/luiz-carlos-trabuco-cappi-empreendedor-ano-nas-financas-2015/327856