On February 5, Brazilian banking giant Bradesco announced that they had made their choice about exactly who will replace outgoing CEO Luiz Carlos Trabuco. This decision confirmed what Mr. Trabuco told the press in October of 2017. When asked, he confirmed that the company would be choosing a new CEO from among a pool of internal candidates, rather than hiring from outside of the company. Although he did not give a specific day, he went on to tell reporters that the selection process was on a deadline to be concluded before a meeting of the bank’s shareholders on March 12.
Although Luiz Carlos Trabuco is highly respected within Bradesco, he is only serving as a temporary CEO. This was necessary after the resignation of former CEO Lazaro Brandao. Bradesco is the second-largest bank in Brazil, as well as being the second-largest private lender in the country, holding about R$1.3 trillion in assets and an investment portfolio of about R$493 billion as of last year. Needless to say, this was a highly coveted position.
The CEO spot was granted to Octavio De Lazari Jr. He was a natural choice for the top spot, as he is the current Vice-President of the company. He is also the current president of Bradesco seguros, the largest insurance company in Latin America. The bank issued a statement confirming that Mr. Octavio’s appointment as CEO had been confirmed through their official process, due to his personal merits and the respect he has earned amongst his peers. He will officially assume the position on March 12, at the previously mentioned shareholders’ meeting.
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Luiz Carlos Trabuco will be stepping down mainly due to age. The bank has set an age limit of 67 upon the CEO position, and Mr. Trabuco has now reached that age, after a long and illustrious history in the financial sector. He will remain as company President until 2019.
During his time as CEO, Mr. Trabuco was named entrepreneur of the year due to his work on the purchase of another bank called HSBC. This turned out to be the biggest acquisition in the history of Bradesco. Prior to this merger, Bradesco had fallen behind its main competitor, Itau Unibanco, and was rapidly losing ground in the market. With the HSBC acquisition, Trabuco propelled the company back up to the top ranking again. According to his figures, this one deal made a profit roughly equal to six years of organic company growth. Although this achievement earned him the aforementioned award, it was hardly his first. Mr. Trabuco won the Don Quixote Trophy in 2009, the Entrepreneur of the Year in the Finance Category by Isto É Dinheiro magazine in 2015, and the List of Best CEOs in Brazil by Forbes magazine in 2016.
Luiz Carlos Trabuco was born in Marilla in 1951, and attended Sao Paolo University for several years before being hired by Bradesco at the age of 18. Upon becoming President of Bradesco, he took it upon himself to radically restructure the company, creating a greater level of unity between different departments and bringing in talented executives from outside the company to introduce new ideas and perspectives. He has left behind a legacy that will surely be difficult to follow.
Learn more about Luiz Carlos Trabuco: http://www.valor.com.br/financas/5306443/bradesco-anuncia-octavio-lazari-no-lugar-de-luiz-carlos-trabuco