Recently, the world’s oldest executive chairman stepped down at the age of 91. Lazaro de Mello Brandao is the chairman of Banco Bradesco SA, one of Brazil’s largest banks. Brandao has rendered his services for the bank as an executive for over 25 years. According to regulatory filing made just before the announcement, the executive leader would be succeeded by Luiz Carlos Trabuco, the current chief executive officer of the financial institution. Brandao’s resignation starts a succession race to fill the CEO position at the Brazil’s second largest bank. However, the bank will be appointing a new CEO in March next year.
Lazaro de Mello Brandao started his career at the age of 16 by serving as a clerk in 1943. In the next seven decades, he has served in different executive positions. At Bradesco, he has rendered his services as both the chairman and CEO, making him a member of the elite executive club. In its history, Bradesco has had two chairmen and four chief executive officers. Between 1981 and 1999, Brandao worked as the bank’s CEO before being elected to serve as the chairman, a position he held until this year. According to Bloomberg, before retiring, the financial expert was the oldest executive in the banking industry.
While speaking about his decision to step down, Brandao said that the move was aimed at bringing in new blood in the bank’s board. This strategy would help in renewing the operations of the second largest bank in Brazil and making sure that it continues to be on a growth trajectory. Brandao, who ranks as the number one employee at Bradesco, an Osasco-based bank, told journalist that he was not coerced to resign, but took the decision out of his own volition. Despite of his resignation, the executive leader will still be charged with the duty of managing a number of holding companies under Bradesco’s umbrella.
It is expected that the company will continue to follow the culture of promoting executives from within the company’s ranks. Brandao adopted this management culture during his tenure as the company’s chair. Seven highly ranked executives will be considered for the election. Speaking during the media briefing, Trabuco said that the replacement would come from Bradesco’s pool of talent. Recently, Bradesco changed its bylaws to enable CEOs to serve until they are 67 years old. Previously, the age limit was set at 65. Trabuco will be turning 67 next year.
The executives who are line to replace Trabuco are Mauricio Machado de Minas (58 years old), Alexandre da Silva Gluher (57 years old), Domingos Figueiredo Abreu (58 years old), Josue Augusto Pancini (57 years old), Marcelo de Araujo Noronha (52 years old), Octavio de Lazari (54 years old) and Andre Rogrigues Cano (59 years old).
About Luiz Carlos Trabuco
Luiz was born in Marilia. Luiz Carlos Trabuco is a Brazilian executive leader, financial expert and shrewd entrepreneur. He is the new chairman of Banco Bradesco SA, succeeding Mello Brandao. He will relinquish his position as the CEO of the company in March when the bank elects a new CEO. Luiz is a graduate of the University of Sao Paulo where he pursued a degree in social sciences and a postgraduate degree in socio-psychology.
Luiz Carlos Trabuco is a member of Vale SA’s Strategic committee. In addition, Carlos is a member of the Brazilian Federation of Banks (FEBRABAN) and chairperson of the National Confederation of Financial Institution (CNF). Previously, Trabuco worked in different capacities for various organizations. Some of the entities that have benefited from his expertise are the National Federation of Supplementary Health (FENASAUDE), the National Association of Private Pension and the National Academy of Insurance and Pension Plans. The others are the Brazilian Association of Publicly-Held Companies (ABRASCA), the Council of Representatives of the National Confederation of Financial Institutions (CNF) and the Marketing and Funding Committee of the Brazilian Association of Real Estate Credit and Savings Entities (ABECIP). For more information on PDV exceeded expectations, says Bradesco president visit:http://economia.estadao.com.br/noticias/geral,prisao-dos-irmaos-batista-nao-impactam-risco-da-jbs,70001996105