Major changes have been announced at Bradesco, one of Latin America’s most important financial conglomerate. The current CEO, Luiz Carlos Trabuco, has announced that he will be stepping down from his current role in order to take up the helm of the board of directors. He will be replacing outgoing chairman Lazaro Brandao, who has been with the firm since 1943, marking the end of a nearly 75 year career.
In the interim, Trabuco will be charged with appointing the next CEO of the bank, one of Brazil’s largest, and he will only have until March of 2018 to do so. While the move has caused some consternation among shareholders, Brandao himself has reassured shareholders that Trabuco is the one that he has hand selected from all possible candidates and that no one is more qualified. Trabuco has, himself, been coy about who is likely to replace him. Although many who are close to the process believe that there are likely answers.
Who will be the next CEO of Bradesco
At first, it was widely speculated that Trabuco, who has been known throughout the course of his career as a staunch advocate of strictly meritocratic hiring and promotion protocols, may be looking outside the firm to find its next CEO. This idea was at least partially bolstered by the fact that Trabuco himself was behind the establishment of one of the top executive management schools in the country, a move that he made because he felt that Brazil was not developing enough managerial talent to allow the country to move confidently into the ranks of the developed world.
But Trabuco was quick to denounce such ideas. He said explicitly that he will not part with corporate tradition in assigning the next CEO, a statement that most took to mean that there is no possibility of Trabuco looking outside the firm to fill the vacancy.
This would seem to indicate that there are only seven viable candidates for the replacement of the outgoing CEO. Although all of these candidates may seem equally likely to be selected, at least at first glance, those close to the process say that there are really only two players who are favorites to become the next boss of Bradesco.
The first is Alexandre Gluher. The 58 year old risk management officer has been with the firm for nearly his entire career and has been responsible for guiding the bank through some of its most challenging times. He was the main party responsible for valuating and assessing the risk of all of the assets of HSBC Brazil, after Bradesco acquired the entity in a 2015 merger. Gluher was also instrumental in managing the asset risk of the entire Bradesco portfolio during the fallout from the 2008 financial crisis, which hit the Brazilian markets particularly hard.
But for as many credentials and accomplishments as Gluher has, those who know Trabuco say that there is another candidate who is far more likely to catch the current CEO’s eye. Although Mauricio Minas, the bank’s chief technology officer, has far less seniority than many of the other candidates, those who understand the thought processes of Trabuco say that the 58 year old computer system expert has the highest chances of anyone on the list to become the next CEO.
Minas was the one responsible for integrating all of the technology systems of HSBC Brazil into those of Bradesco. He was also the one who oversaw the creation of the wildly popular Next online banking platform.