The next president of Bradesco will leave the bank’s executive board, said the current incumbent, Luiz Carlos Trabuco, in an interview called to detail the changes in the board of directors of the organization, said on Wednesday.
Respecting Bradesco’s tradition of choosing a name within its staff, the expectation is that the future president will be one of the seven current vice presidents of the institution.
Bradesco proclaimed the departure of Lázaro Brandão from the chair of the bank’s committee of directors. Brandão, who has been beside Bradesco for more than seven decades, will be replaced by Trabuco who leads as the chairman of the board.
Trabuco will hold both positions as CEO and chairman until March, when the first meeting of the board will take place after the shareholders’ meeting. The bank has a regulation that forbids the same executive to occupy both positions at the same time. The bank must give the Central Bank the new presidents name 30 days prior to the March meeting.
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According to Brandão, who had been in the position for 27 years, the succession had been maturing for some time. However, in order not to make any hasty decisions, he preferred to change the rule that would force Trabuco to leave the administration at the age of 65 to extend the executive’s term.
The extension took place to maintain the integration process of HSBC, bought by Bradesco in 2015 according to estadao.com.br. For him, the next president of the bank will have some challenges ahead, especially regarding the “literacy” of customers who are still far from the digital environment.
The bank should also extend its committee of directors, but this should not happen at the March meeting, according to Brandão. At this meeting, only the vacancy that is currently open should be filled. Trabuco, in turn, believes that one of the factors of the resumption of the Brazilian economy will be the consumption of the families. Regarding credit, Trabuco did not want to talk about the bank’s projection but said that the growth of the economy should have a multiplier effect on credit.
Luiz Carlos Trabuco is a native of Brazil’s Marilla. He attended the Sao Paulo University and majored in philosophy, science as well as letters programs. From school, he landed an employment opportunity at the tender age of eighteen. Other sources have documented this age as seventeen. Whatever the differences, it is factual that Luiz Carlos Trabuco started working at a tender age as clerk. This was unlike his peers who still enjoyed their childhood at the same period.
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