Early last month, Bradesco surprised the Brazilian financial industry by announcing a raft of leadership changes that were largely unexpected. Key among these changes was the resignation of long-serving chairman, Lazaro Brandao due to old age. The board then settled on the current president as the best fitting individual to take over from Brandao. This decision, in turn, left Luiz Carlos Trabuco’s old position – that of president – vacant and needing immediate replacement. The process of selecting a new president has, therefore, began in earnest at the bank.
Bradesco is expected to remain true to its long-held tradition of selecting presidents from within its top leadership ranks. This strategy has greatly worked in the company’s favor, during the last three succession cycles. Consequently, the bank’s current executive vice presidents are seen as being the most likely picks for the position. However, while the search for a new president has begun, the decision on who it is will not be made until March 2018 when the planned shareholder’s meeting is held. Therefore, Luiz Carlos Trabuco is expected to continue giving the bank guidance for at least four more months as both president and chairman.
Being named chairman is the culmination of over four decades of hard work at Bradesco for Luiz Carlos Trabuco. He joined the bank in 1969 when he was employed as a clerk at one of the bank’s branches. Right from the very beginning, Luiz Carlos Trabuco shared some peculiar similarities that led many to believe that he was always destined to finish his career at the organization. Bradesco was founded in Marilia, Brazil – Trabuco’s city of birth. Additionally, Bradesco became the largest private bank in the country in the same year of Trabuco’s birth: 1951. However, it is his concrete performance at every position he has been assigned that has led him to ascend the leadership ladder at the company with the haste that he has done.
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A very successful six-year tenure at Bradesco Seguros is what made Luiz Carlos Trabuco known to the entire financial industry in Brazil. At the time he was joining the subsidiary in 2003, it was already the largest insurance company in the country and many consequently though he was going to have a muted tenure. However, he immediately asserted his desire to continue growing the company as soon as he took over by expanding its agent network. This move helped grow the number of policies held by the company to approximately 25 percent of all those in the market by 2009 – thus further increasing Bradesco Seguros foothold on the market. During this six-year spell, he was twice named the insurance personality of the year in recognition of his efforts to grow the insurance industry in the country.
For the last nine years, Luiz Carlos Trabuco has been serving as the president of Bradesco. His appointment was in 2009 and come immediately after his tenure at Bradesco Seguros. Despite facing a difficult economic climate in his first year of appointment, he managed to weather the storm and add more than 200 new branches to the Bradesco network. Six years later, he engineered the largest takeover in Bradesco history when the bank purchased fellow competition, HSBC Brazil for an estimated $5 billion. In addition to winning Luiz Carlos Trabuco the accolade of entrepreneur of the year in the finance category for 2015, it also drew Bradesco a lot closer to becoming the largest private bank in the country again.
Now as chairman and with the help of the incoming president, hopefully, Luiz Carlos Trabuco will guide Bradesco to finally reclaiming the top spot.
For more information about Luiz Carlos Trabuco, visit infomoney.com.br.