It has recently been announced by Bradesco, one of the largest banks in Brazil, that major changes are coming to the company’s executive lineup. Luiz Carlos Trabuco, the currently acting CEO of the firm, will be stepping down from that role in order to assume the chairmanship of the company. He, in turn, will be replacing the outgoing chairman, Lazaro Brandao. Brandao, at 91 years old, is one of the oldest currently serving chairpersons in the world. He has been a pillar of the bank for the last 36 years, and his departure is making some stakeholders uncertain as to what the future of the company holds.
However, Brandao has been careful to emphatically reassure the shareholders of the bank that Luiz Carlos Trabuco is the man for the job as chairman. He has stated that he never even considered anyone else as a potential candidate to serve in his role, despite having the pick of the entire Brazilian executive class to do so.
Who will Trabuco pick as his own successor?
There is another pressing question on the minds of stakeholders. Who will Trabuco tap to be his successor as CEO? The job of replacing Trabuco falls on Trabuco himself. It is a choice that he has until March of 2018 to make. He has stated that he takes the task as CEO extremely seriously and will carefully consider all viable candidates within his purview.
There were initially rumors floating around that Trabuco was looking outside the firm, possibly even outside the country, for his replacement. This idea was given considerable credence by Trabuco’s own policies tending towards the strictly meritocratic over the years. He was also responsible for establishing a school for business executives as part of a quest to develop more executive leadership within the country of Brazil.
But Trabuco was quick to dispel these notions, stating that he would not be departing from company tradition in his promotion of the next CEO. This means that there are likely only seven truly viable candidates for the post. These are the current junior executives of the bank.
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Many people close to the process say that, while all of these current vice presidents may be theoretically qualified, there are really only two who appear to stand a good chance of being promoted.
The first is Alexandre Gluher. He is the 58 year old chief risk officer for the bank, who has spent nearly his entire career with the firm. He has considerable seniority over the other candidates and has racked up an impressive track record, including valuating and assessing the risk of all the assets of HSBC Brazil, which was acquired by Bradesco in 2015.
But those who know Trabuco say that Gluher is unlikely to hold great luster in the eyes of the current CEO. Trabuco has stated outright that he is far less concerned with traditional, soft metrics in choosing people for managerial roles. Things such as seniority, credentials or references are said to hold little weight with Trabuco, who has become somewhat famous within the firm for promoting on a strictly meritocratic basis according to banco.bradesco. While this style of promotion has proven bad for old-fashioned company men, it has been a great morale booster among the brighter and more productive employees, exactly how Trabuco would have it.
The second candidate, is Mauricio Minas. He is a 57 year old technology officer for the firm and oversaw the integration of all of HSBC Brazil’s tech assets as well as playing a key role in the development of the Next online banking platform. Those within the firm say that Minas’ impressive track record and Trabuco’s enthusiasm for technology make Minas an almost sure pick.
Learn more about Luiz Carlos Trabuco: https://www.reuters.com/article/banco-bradesco-ceo/brazils-bradesco-to-choose-new-ceo-among-internal-candidates-ceo-trabuco-says-idUSL2N1MM0ZP