Before he stepped down from his role as the chairman, Lazaro Brandao was the oldest serving chairman of a financial institution. The 91-year old Lazaro Brandao finally decided to leave Bradesco bank after serving in the bank from the early 1940s. Brandao’s decision to leave the bank triggered a succession race in the bank as the board of directors strived to reshuffle the management of the institution. Lazaro Brandao tapped Luiz Carlos Trabuco, the immediate president as his successor.
After the appointment, Luiz was left to serve the two positions until a new CEO was announced during the bank’s annual general meeting in March this year.
Lazaro Brandao is the second CEO to serve in the bank since its inception. He joined Bradesco bank in 1943 where he served as a clerk. Lazaro Brandao served as the CEO from 1981-1989 before becoming the chairman in 1990.
About Banco Bradesco
Banco Bradesco was founded in the early 1940s by Amador Aguiar. Bradesco is not only the oldest bank in Brazil, but it is also among the oldest worldwide. The bank is considered as the pioneer of many banking products in the country, including the use of credit cards and internet banking services. Currently, Bradesco bank boasts of over 27 million customers with hundreds of branches that are spread across the country. Bradesco has dominated the country’s banking sector before it was overtaken by their competitors in 2009.
Why Lazaro Brandao stepped down as the chairman
Lazaro Brandao has served in the banking sector for more than seven decades. At the age of 91 years, Lazaro realized that Bradesco needed a new breed of management for its continuity. He quit from the active role of serving as the chairman but Lazaro will continue overseeing operations of other Bradesco’s holdings.
The former chairman will be remembered for initiating many projects at Bradesco. He will also be remembered for enforcing the values that the founders instilled in Bradesco. Among them include a mythical dynasty where the company selects the top leadership from among the most experienced employees in the bank.
At some point, Lazaro was forced to amend the Bradesco’s succession rules to enable Luiz Carlos Trabuco to serve as the president at 67 years. During this years’ general assembly, the shareholders confirmed Octavio de Lazari as Trabuco’s successor. Octavio de Lazari was chosen among the seven vice presidents who had lined up for the appointment.
About Luiz Carlos Trabuco
Luiz is a revered leader in the banking sector having worked there for close to five decades. Besides serving as the chairman of Bradesco bank, he also serves as the CEO of Bradesco Previdencia e Seguros, a subsidiary of the Bradesco bank. Luiz has also served in other leadership positions including serving as a management board member of the Arcelor Mittal Brasil. Luiz Carlos Trabuco continues to offer his expertise in various ways in the bank. He also offers his expert opinion on various matters affecting the banking industry. Many newspapers and magazines in Brazil refer to him for his expert opinion.