Osasco, the small town in the state of Sao Paulo, may not be as large as cities like Rio, Porto Alegre, and Belo Horizonte, but it is the headquarters of Banco Bradesco, the second largest bank in Brazil. Bradesco is a household name in Brazil. The bank is also an international financial powerhouse. The bank’s Board of Directors, under the direction of Chairman Lázaro de Mello Brandão, run a tight ship, according to the employees who work at the corporate headquarters. But that news is not one of the recent news headlines.
Bradesco is in the news because Lázaro de Mello Brandão is stepping down as chairman, and Luiz Carlos Trabuco is taking his place. That move comes as no surprise to the more than 103,000 bank employees. Luiz Carlos Trabuco is one of Bradesco’s top executives. For the last eight years, Trabuco put his personal stamp on the bank as the president and CEO of the bank.
Luiz Carlos Trabuco and Lázaro de Mello Brandão are the bank executives who gave the bank the direction and the impetus to be the number one bank in Brazil until Banco Itaú and Unibanco merged in 2008. Trabuco got his start in banking in 1969 when Brandão and founder Amador Aguiar liked what they saw in a young Luiz Carlos Trabuco. The bankers put Trabuco in their training program and, Trabuco did the rest. He didn’t have the education credentials to be a solid banker, but he did have degrees in philosophy and psychology and that was good enough for Brandão and Aguiar. Trabuco didn’t disappoint anyone as he rose through the ranks at Bradesco and became president of the bank’s insurance division, Seguros, in 2003. Luiz put Bradesco’s insurance division on notice with his personable management style and sharp mind. In 2009, Brandão brought Trabuco back to the bank as CEO.
Mr. Trabuco is responsible for many of the changes that the bank experiences over the last nine years. He built a solid executive team knowing that he wasn’t going to be around forever since the CEO position had an age cap in force, and he was reaching that cap. Brandão was feeling the effects of being a banker for the last 75 years, so he decided to retire in 2018. His retirement gave Trabuco a chance to take over as chairman. Luiz became the bank’s CEO and Chairman in October 2017 while the Board of Directors did an inside search for a new CEO.
It took three months to pick the right member of the bank’s executive team, but the choice was a good one. Octavio de Lazari, the present president of Seguros, got the job. Lazari is a dedicated 40-year banking veteran who understands how Bradesco operates domestically as well as around the world. The bank’s shareholders confirmed Lazari’s announcement as new CEO at the March 12th annual shareholders meeting.
Lazari promotion left a hole in the executive team at Seguros and the board finally picked the man to replace Lazari. Vinicius Almeida Albernaz, another Bradesco executive, is taking over the top job at Seguros. The bank expects to continue producing record-breaking income with their new executive team.