Brazil’s Oldest Bank Chairman Retires: CEO Luiz Carlos Trabuco Is Taking His Place

Brazilians know Bradesco, the second largest private bank in the country, doesn’t have a lot of high-level employee turnover. The bank’s Board of Directors takes pride in its long-term management team. Bank Chairman Lázaro de Mello Brandão is a good example of that business model. He’s only the second bank chairman in Bradesco’s history, and he is the oldest chairman in Brazil’s banking industry. Lázaro de Mello Brandão is a permanent fixture in Bradesco’s talented management pool. He’s been in the Chairman’s chair for the last 25 years. And Brandão is one of the bank’s first employees. He is retiring but he will still have an office in the bank.

Mr. Brandão started his banking career when Bradesco became a bank more than 70 years ago. But the 91-year-old banker is finally handing his duties to a younger man. Sixty-seven-year-old CEO Luiz Carlos Trabuco is another long-term Bradesco employee, and he is taking over as chairman. Trabuco will be CEO and chairman until the bank fills the CEO position from the internal management pool. Bradesco put a 67-years-old age cap on the CEO position, so Trabuco has to move on or retire. And retiring is not in the banking cards for Trabuco.

CEO Luiz Carlos Trabuco and his management team are responsible for the bank’s recent investor-driven success. Wall Street thinks Bradesco’s stock will be one of the hot banking stocks in 2018. And Trabuco is the man Wall Street knows and likes. There’s a good reason Trabuco is one of the banking darlings of Wall Street. He is responsible for putting the 2015 acquisition of HSBC’s banking division together. And he is the man who got the bank in the digital banking space. Trabuco is quick to point out it that the bank’s growth is not just because of him. Fifty-eight-year-old Mauricio Machado de Minas is the man behind the digital banking platform. The bank initiated online banking and mobile banking a few years ago. Chief risk manager Alexandre da Silva Glüher is the man who put the HSBC merger together along with Trabuco and other executives.

Read more: Bradesco to Choose Board Member as New President, says Trabuco

Tapping corporate talent is one of Trabuco’s specialties. His philosophy and psychology degrees are paying off, according to some bank officials. But Trabuco’s education and management talents are not new. He is a banker’s banker even though he doesn’t have an accounting background.

Mauricio Machado de Minas and Alexandre da Silva Glüher are both in the running for the CEO position. Both men have a good shot at getting the job, but Andre Cano, Octavio de Lazari, and Marcelo Noronha, as well as Josué Augusto Pancini and Domingos Figueiredo Abreu, are also possible replacements for the CEO position. Mr. Cano is the current head of the Human Resource Department, and Octavio de Lazari is the president of Banco Seguros, the insurance division of Bradesco. Trabuco was the president of Seguros from 2003 to 2009, so Octavio may be the dark horse candidate because of his relationship with Trabuco. But Josué Augusto Pancini, the bank’s operations chief, is another dark horse, according to some people who know him. But chief lending officer Domingos Figueiredo Abreu has all the qualifications to perform successfully in the CEO position. And so does Marcelo Noronha, the chief of the investment division according to

The final vote will come a month before the annual shareholder’s meeting in March 2018. But the decision will come long before that, according to Trabuco on No matter who gets the job, the executive team will still be intact, and that is what Mr. Trabuco wants. He knows he has a solid banking team. He wants to continue making investors happy while the bank goes through the process of switching gears and becoming more online and digital friendly.