On 11th October earlier this year, many business publications across Brazil carried the headline, “Luiz Carlos Trabuco named the new chairman of Bradesco.” Since the bank is known for its unwavering stability, many were shocked at the announcement as it did not come at the scheduled succession period the bank has come to be associated with. That is, the position was not planned to become vacant during this period, but rather only became open after the previous chairman, Lazaro Brandao announced that he would be resigning. Since Luiz Carlos Trabuco has been serving as the bank’s president for the last nine years, this resignation also means that the bank has to appoint a new president. The new team of Luiz Carlos Trabuco and the incoming president will now be responsible for taking Bradesco to newer heights.
The departure of someone as experienced as Lazaro Brandao would obviously be a big loss for any organization according to g1.globo.com. Fortunately, however, the replacement can assume the position of chairman immediately, and Luiz Carlos Trabuco has thus already started fulfilling the responsibilities of his new position. However, the position of the president can only be filled at the annual general meeting usually held in March. As such, Luiz Carlos Trabuco’s successor will not be named till March 2018 on valor.com.br. To prevent the development of a leadership void in the bank’s senior leadership, Mr. Trabuco will for the next four months continue serving as the president of the bank.
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Since Luiz Carlos Trabuco will for the next few months serve as both the president and chairman of Bradesco, his input will significantly determine the bank’s prosperity going forward. Fortunately, Mr. Trabuco’s track record at Bradesco shows that he possesses the leadership aptitude needed to hold down both positions. In fact, when announcing his resignation Mr. Trabuco’s predecessor, Lazaro Brandao expressed confidence in him by stating that he was the best-placed individual to take the bank forward seamlessly.
Luiz Carlos Trabuco has been working at Bradesco for the last 48 years. In the bank’s seven-decade history, only Lazaro Brandao has been employed for a longer period. Mr. Trabuco’s long stay at the bank has allowed him to work in almost all the areas of the bank’s operations on folha.uol.com.br. He first started out as a clerk at one of the bank’s branches before being promoted through various positions that cut across marketing, insurance, and finance. His most significant promotions, however, came after 2003.
In 2003, Luiz Carlos Trabuco was named the president of Bradesco Seguros. Bradesco Seguros is an insurance subsidiary owned by the Bradesco group. At the time Mr. Trabuco took over the leadership reins at the company, the insurance industry in Brazil was still in its infancy. Therefore, even while Bradesco Seguros was the largest player at the time, it continued hold of the top position was not guaranteed. Consequently, rather than adopt a relaxed approach as the insurer’s president, Luiz Carlos Trabuco aggressively went on the offensive by expanding the broker. By the time he was leaving the position in 2009, Bradesco Seguros had increased its market share to 25 percent and was also worth double what it was worth in 2003.
In the last nine years that Luiz Carlos Trabuco has been serving as Bradesco president, he has shown that he is more than equal to the pressures involved in running a large financial institution. His single-largest contribution was engineering a $5.2 billion acquisition deal that saw Bradesco return to the league of top banks in the country. Should he attempt similar moves while serving as chairman, Bradesco will be stable for years to come.
Learn more about Luiz Carlos Trabuco: http://www1.folha.uol.com.br/mercado/2017/10/1926427-sucessao-no-bradesco-vira-alvo-de-aposta.shtml