It has recently been announced that there are major shakeups coming at the top of the Bradesco corporate hierarchy. The company’s outgoing CEO, Luiz Carlos Trabuco, has announced that he has already selected a replacement for his soon-to-be-vacated position of the presidency. He has chosen Octavio de Lazari, an executive with the firm who was responsible for running its insurance underwriting division.
At the same time, Trabuco will be replacing the outgoing Lazaro Brandao, one of the longest-serving employees of any public company in the world. Brandao first came to Bradesco all the way back in 1943 when he was just 16 years old. Over the course of the next 75 years, he would go on to have one of the most legendary careers in Brazilian financial history. He oversaw the rise of the bank from a one-branch thrift institution into one of the most powerful banks in Latin America. Over the course of his executive tenure, the bank was able to increase its stock price by a factor of more than 300 times.
Luiz Carlos Trabuco, for his part, is no slouch. Like Lazaro Brandao, Luiz Carlos Trabuco was able to climb up the ranks over a period of years. He had also been serving with the bank for more than 45 years by the time that he was tapped to become the chairman of the board. Although he has big shoes to fill, Brandao had himself said that there is no one better for the job anywhere in the world than Trabuco.
On the other hand, it is not surprising that Luiz decided to appoint the head of the bank’s insurance underwriting division to take over his old spot in the presidency. This is because he himself had run that department over more than six years, building it into one of the most profitable in the company.
All told, the future of Bradesco looks to be in very good hands. Luiz will continue to implement his long-term strategic vision, including his initiative to get the more than 17 million Bradesco customers that are not currently able to regularly access internet banking facilities to a point where they can go online anytime and anywhere.