Luiz Carlos Trabuco held the position of CEO and Chairman of the Board of Directors of Banco Bradesco until the first annual board meeting, which was held on March 12th. At that meeting the board decided on a new Chief Executive Officer of the bank, Octavio de Lazari Junior. Octavio de Lazari Junior has been with the bank for over 30 years and has held various positions throughout the organization. Like his predecessors, Octavio has held the position of CEO of Bradesco Seguros. He also became one of the seven Vice Presidents of the bank.
According to an article by Estadao, Luiz Carlos Trabuco will be the third Chairman of the board in the banks entire 75 year history. He will mentor his successor as his mentor; Lazaro de Mello Bandao did to him. Bandao, who stepped down as Chairman of the board at the age of 92 said, the company is in good hands and he has full faith in Luiz Carlos Trabuco and Octavio.
Octavio was selected by the banks traditions and formal process of succession said a statement by Bradesco. The bank has always promoted individuals from within the organization to motivate and encourage employees to work hard to remain loyal to the bank. The seven Vice Presidents of the bank including Mauracio Minas, Alexandre Gluher and Marcelo Noronha have all been with the bank for over 30 years. They have seen the bank go through its largest acquisition to date, the takeover of HSBC’s Brazilian unit for $5 billion in 2016.
2016, was a tough year for the Brazilian economy and the financial sector. Luiz was encouraged to remain as CEO even though he reached the age of 65, which was the maximum age for a CEO, according to the company’s bylaws. This time limit was extended not only due to Bradesco’s takeover of HSBC’s Brazilian unit, but also because Luiz Carlos Trabuco’s prime candidate as a replacement for CEO tragically died in a plane crash. Marco Antonio Rossi was one of the banks Vice Presidents and the CEO of Bradesco Seguros, he would have been the next CEO.
The bank has gone through ups and downs, but with Luiz Carlos Trabuco, Octavio de Lazari and the values and traditions of the second largest bank in Brazil it will continue to surpass milestones and improve the state of the Brazilian economy for a long time to come.