There’s a lot going on in Brazil. Brazilian president Michel Temer is pushing for government reforms, so the country can shake the three-year-old economic disaster that has dust coming out empty Brazilian pockets. The government is trying to overhaul the pension system, but that’s not going as planned. Social security reform will come about at some point, but it won’t happen in 2017. But Brazil is forming new bilateral trade agreements, and the country is attracting foreign investors again thanks to an active tech startup platform.
The businesses that go digital in Brazil are the businesses that will weather the passing economic storm, according to Bradesco’s CEO Luiz Carlos Trabuco. Trabuco got Bradesco in the digital banking game early, and it’s paying off. Mr. Trabuco is not an IT professional, but he is an astute banker with more than 50 years of banking experience under his belt. He’s been the president and CEO of Bradesco since 2009 and he was just given the title of Chairman of the Board. The current chairman, 91-year-old Lázaro de Mello Brandão is retiring after one of the longest banking careers in Brazilian banking history.
Lázaro de Mello Brandão, and Luiz Carlos Trabuco are a great team. Under their leadership, Bradesco has become one of the shining stars on Wall Street. Trabuco has a reputation for being a leader who knows what people want when it comes to banking easier and smarter. He is one of the key ingredients in Bradesco’s digital banking program. But Trabuco is not a finance man or an accountant. He is a philosophy major and student of psychology, and both of those studies has given him the tools to oversee the 5,000 bank branches for last nine years. Trabuco started his banking career with Bradesco, and it looks like he’ll retire from Bradesco as well. Brandão and Trabuco are both long-time, dedicated, Bradesco employees.
But it is time for Brandão to step down. And it is time for former Seguros president, and the current president and CEO of Bradesco, Luiz Carlos Trabuco to take his place. That means a replacement for Trabuco must come from within the bank. There are seven candidates for the job. A new CEO will come from those seven men, and he will take over at the annual shareholders meeting in March 2018. One man in the CEO hunt will know if he got the job in February 2018.
All the men on the list have a good relationship with Luiz Carlos. They all work side-by-side with him on different bank platforms, and their efforts are paying off. But most people think either IT chief Mauricio Machado de Minas will get the job, or acquisition chief, Alexandre da Silva Glüher will be the next CEO. But no one is ruling out human resource chief Andre Cano or chief investment banker, Marcelo Noronha. Some people in the industry are betting on Octavio de Lazari, the Seguros insurance division president, and other people say, Domingos Figueiredo Abreu, the chief loan officer, is a right fit for the job. But the employees in the bank branches hope Josué Augusto Pancini gets the job. Pancini is the bank’s chief operations executive.
No matter who gets the job, Trabuco will stand with him as the bank gets closer to being the number one private bank in Brazil. Wall Street believes Trabuco and his executive will continue to produce solid revenue numbers according to globo.com. Foreign investors are coming back, and the new executive moves will help more investors see the opportunities that exist in Bradesco as well as in other areas of the Brazilian economy.