Bradesco, the second largest private bank in Brazil, is currently in the process of shaking up its leadership structure. The process, which was not planned, was triggered by the decision by the board chairman, Lazaro Brandao to resign from the post he has held for more than two decades. Luiz Carlos Trabuco was selected to take over from Lazaro Brandao owing to the fact that he has been his deputy on the board for the last three years, as well as the president of the bank for the last eight years. This appointment has, in turn, created a vacancy in the position of president.
Going by past trends, the next Bradesco president will come from within the bank. Thus far, the bank has only had four presidents. The first of them was the founder, Lazaro Brandao. The other three that have been appointed since, Lazaro Brandao, Marcio Cypriano and Luiz Carlos Trabuco had all been with the lender for decades before their appointment.
Currently, it is believed that the bank’s vice presidents have the greatest chance of being granted the promotion. Each of these vice presidents has been with the bank for more than 20 years. That said, the appointment will not be made until March 2018 when the annual shareholders’ meeting, therefore. In the short term, therefore, Luiz Carlos Trabuco will assume the duties of the board chairman while concurrently serving as the president of the bank.
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Luiz Carlos Trabuco is undoubtedly deserving of the promotion to board chair. With Brandao leaving Bradesco, Luiz Carlos Trabuco is undoubtedly the most experienced employee at the bank. Having joined Bradesco while still a teenager in 1969, Trabuco has always seemed destined for the very top of the bank’s leadership ladder. At the time of joining the bank, he had zero experience in the banking sector and no academic qualifications in finance. That said, he learned the rope quite quickly and steadily began to shine as one of the youngest bright talents at the bank.
This unquestionable talent led to Luiz Carlos Trabuco being appointed the president of Bradesco Seguros in 2003. By the time of his appointment, Bradesco Seguros was already Bradesco’s biggest subsidiary and the biggest insurance company in the country. However, rather than relax in his new comfortable position, Trabuco decided to grow Bradesco Seguros even further aggressively. Consequently, he quickly set about expanding the insurance company’s broker network. As a result, Bradesco Seguros was able to sell more insurance policies than the rest of the competition, thus growing the company’s market share to 25 percent by 2009. Additionally, his six-year tenure at the company also saw its value more than double as it cemented its position as the largest insurance company in South America.
Luiz Carlos Trabuco’s success at Bradesco Seguros got him recognized countless times by various industry observers. In only his first year at the helm of the insurance company, he was the named the Insurance Personality of the Year. Four years later, he was again named the Insurance Personality of the Year from the same publication. Many in the insurance industry held in high regard, not just form making Bradesco Seguros the largest in the region, but also working to grow the insurance sector as a whole. To him, insurance, and by extension banking, is not just a money-making venture, but also a platform to advance social welfare.
Luiz Carlos Trabuco has since gone on to replicate this affinity for success as the president of Bradesco, and it is hoped he will do the same as the chairman of the board.
Search more about Luiz Carlos Trabuco: http://www.infomoney.com.br/blogs/bolsa/o-investidor-de-sucesso/post/7002925/quem-substituira-trabuco-comando-bradesco-nomes-estao-cotados-tudo-pode