A spokesperson for the Brazilian banking giant Bradesco has recently confirmed that major changes are coming to bank’s the executive suite. First, Lazaro Brandao, the elder statesman of Brazilian finance, will step down for the last time.
At 91 years old, Brandao is among the most senior actively serving chair people anywhere in the world. He will be replaced by current CEO and lifelong employee of Bradesco, Luiz Carlos Trabuco.
While it’s easy to understand why Brandao, who has enjoyed a career spanning nearly 75 years with the firm, may finally want to call it quits. In fact, the nonagenarian has stated that his main reason for retiring is to spend more time with his family. But even this has not been enough to quell the nerves of some of the bank’s shareholders. Many see Bradesco as being inseparable from Brandao’s leadership. For a non-founder of a company, Brandao may enjoy more widespread respect and admiration than any other executive in business today. For those involved with Bradesco, Lazaro Brandao has reached the same stature as people such as Sam Walton or Warren Buffett respectively have with the stakeholders of their firms.
But there is another issue relating to the moves. Luiz Carlos Trabuco will now be responsible for appointing his own replacement. He will have until March of 2018 to do so, having said that he is in no rush and will take however long is required to carefully select what could end up being the person who will fill the position for years or decades.
Read more on folha.uol.com.br
One of the longest careers in banking comes to a close
It seems incredible that any current employee of a bank could still be working there now, even as their first few years as an employee took place when Hitler still ruled Germany. But such is the case of Lazaro Brandao. Coming to work for the bank while World War II was still raging across Europe and the Pacific, in 1943, the 16 year old Brandao was hired on as a bank teller. It was his first job.
Over the next few decades, the ambitious young man proved himself to his superiors and became a highly knowledgeable banker and an able leader. By 1981, he was being noticed by the firm’s top brass. It was that year that he was appointed as CEO according to g1.globo.com. In 1990, he was again given a top role at the bank when he was slated to head up the board of directors. He held both the positions of CEO and chairman of the board from 1990 to 1999, the only time in the bank’s history that one man has held onto both positions simultaneously on more than a temporary basis. He has been the acting chairman since 1990, a tenure lasting 27 years.
It’s not even these impressive credentials that have endeared Brandao to his firm’s stakeholders with such affinity. Brandao oversaw, between 1990 and 2009, one of the most spectacular expansions of a bank in the history of the country. During that period, the bank’s stock price increased by a factor of approximately 300 times. Brandao was largely credited for the vision of early technological adoption and aggressive expansion, in conjunction with his strong leadership, which led to the massive expansion of the bank, both in terms of valuation and raw size.
For this reason, even as the veteran financier approaches his 92nd birthday, many shareholders are nervous about his departure. But Brandao has repeatedly assured everyone involved that Luiz Carlos Trabuco is the best man to replace him as the chairman. He has said that there is no one else in the world he would even consider as his replacement.
Visit terra.com.br for more information about Luiz Carlos Trabuco.