Luiz Carlos Trabuco, the acting CEO of Bradesco bank, has announced that he will soon be leaving his current role in order to take over as chairman of the bank’s board of directors. This is big news at the Brazilian financial giant, which is among the largest such institutions in the country.
With more than 5,000 branches, $400 billion in assets and over 110,000 employees, Grupo Bradesco is one of the most important financial conglomerates across Brazil and the entire Latin American region.
As CEO, Trabuco will be responsible for appointing his own replacement. At first, it was widely speculated that he would be looking outside of the bank’s own employees for talent to replace him at CEO. While this claim had some merit, especially given the fact that Trabuco himself had complained at length about the dearth of skilled executives that the country was producing, the rumors were quickly put to rest by Trabuco himself. He stated explicitly that he was not interested in searching outside the company for the next CEO and that he would not be parting from the time-worn company tradition of recruiting executives from within the Bradesco ranks.
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This would seem to leave a total of seven candidates who are qualified to be potentially tapped for the CEO position. However, those close to the proceedings say that there are really only two possible candidates that are likely to be in serious contention for the bank’s top spot.
The fist is the company’s 57-year-old chief risk officer. Alexandre Gluher has spent the majority of his career with the bank. As a result, he is one of the most senior people among all of the candidates. Gluher was also responsible for the complete risk assessment and stratification of all of the assets from the HSBC Brazil acquisition, a major project that allowed Bradesco to complete the transaction. Gluher is a widely respected figure within the bank, and he holds a number of advanced degrees and an impressive overall resume.
But those who know Luiz Carlos Trabuco say that he is someone who is far less impressed by soft performance metrics. Trabuco is on record stating that such attributes as seniority and academic credentials rank lowest on his list of considerations for hiring. Trabuco is also known to be a staunch advocate of the adoption and development of technology, viewing it as one of the main vehicles by which the bank can differentiate itself from others in the financial space and drive real customer value creation.
For these reasons, it is being widely speculated that the most likely candidate to replace Trabuco will be the bank’s 56-year-old chief IT officer Mauricio Minas. Although Minas lacks the seniority of many of his colleagues, having only been at the bank a relatively short while, he has accomplished a great deal over his brief tenure.
Among Minas’ accomplishment have been the creation of the wildly popular Next online banking platform. Next has been a major driver of both cost savings and increased organic growth, causing millions of customers to flock to the innovative Bradesco services offered within its interface.
Another key accomplishment of Minas was the complete integration of all of the technological assets of HSBC into the Bradesco systems. This was a major piece of the puzzle in the acquisition of HSBC Brazil, which has been one of the most important components of Bradesco’s recent success. Since the acquisition, the Bradesco stock price has soared, testing its all-time highs of ten years ago.
Combined, all of these reasons make it likely that Minas will be named as the next Bradesco CEO. With Trabuco at chairman and Minas as the operations executive, Bradesco will be well-poised to take on the future.
Search more about Luiz Carlos Trabuco: https://g1.globo.com/economia/noticia/conselho-do-bradesco-escolhe-octavio-de-lazari-junior-para-substituir-trabuco-como-ceo.ghtml