Bradesco, the second largest bank in Brazil in terms of assets, has announced in January that Luiz Carlos Trabuco Cappi will give up his CEO post to assume the chairmanship of its board of directors. Cappi’s departure from the presidency of Bradesco was due to the resignation of Lazaro Bandao who at 91 is already reputed as one of the oldest bankers in the world. This change of seats is supposed to happen on March 13. Among the candidates being considered to replace Cappi are Marcelo Noronha, who is in charge of cards and investment bank, Josué Pancini, who is the head of the bank’s agency network, Octavio de Lazari, the man in charge of insurance, Alexandre Glüher, the one responsible of Investor Relations and who played a vital role in the integration of HSBC, and André Cano, the head of Human Resources.
Cappi’s tenure as Bradesco CEO was extended because of the amendment done in Sept. 2016 that increased the age limit of the position from 65 to 67 years old. Add to that is the unexpected death in an airplane crash of the number one contender for the position, Marco Antonio Rossi, who was then the VP of Bradesco and the President of Bradesco Seguros. The latest reports indicate that Lazari was already chosen as the next Bradesco President. He is 54 years old and is currently a Vice President of the bank according to insiders.morningstar.com. He joined Bradesco as an office boy when he was still 15 years old. The bank’s Board of Directors had already approved the appointment of Lazari to take over the position of Cappi.
As a consequence of these new appointments, Bradesco will have a new management composition. Details of the upcoming management organization will be announced on March 12. The announcement will be made after a new set of Board of Directors is elected by those who will attend the Extraordinary Shareholder’s Meeting. After that will be the announcement of Lazari as Bradesco’s new President. Cappi, meanwhile, will still function as the president of the bank until the first meeting of the board. Upon the announcement of Lazari as new President, Cappi will fully dedicate himself to the position of Chairman of the Board of Bradesco.
Cappi, 67, has been serving Bradesco in many executive functions for 15 years. He served as the bank’s Marketing Director before he was appointed as President in 1992. The bank amended its bylaws regarding the age limit by which a president could continue serving the bank so that he can continue dispensing its functions while a new president is not yet appointed. With the new development, and Lazari who is only 54 being appointed as President, this amendment will mean a lot to the incoming president. This means Lazari will have a lot of time ahead of him as Bradesco’s CEO.
Lazari joined the bank as an office boy at an agency of Bradesco located in the Lapa District in Sao Paolo when he was only 15 years old. From his lowly position as an office boy, he rose to become an agency manager over the years. He began working in Bradesco’s credit department in 1998 later becoming a director in charge of corporate, small and medium businesses and retail segments. He was promoted to Director in 2010 and was made in charge of Bradesco’s Department of Loans and Finances. Lazari was then appointed to the Board of Executive Officers in 2012. He was promoted as Executive Director, Vice President and Chief Executive Officer of the Braderos Seguros Group in 2017. Lazari studied economics and earned his degree from the Faculty of Economic and Administrative Sciences of Osaasco. He specialized in marketing, financial strategies, and financial management.
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