A major shake-up has occurred in the corporate suite of Bradesco, one of the most important financial institutions in the country of Brazil. The chairman of the board, Lazaro Brandao, who had served in one capacity or another with the firm since the year 1943, has finally decided to retire for good. This ends a nearly 75-year career with the bank, making Lazaro Brandao one of the oldest serving chairpersons in the world. Read more about Trabuco at globo.com.
At the same time, the bank’s current CEO, Luiz Carlos Trabuco, will be moving into the role of chairman of the board, replacing the outgoing Lazaro Brandao. In turn, Trabuco had to select his own replacement at the role of CEO. After a nearly 3 months long search, this process finally drew to a close when Trabuco announced that he had selected Octavio de Lazari as his replacement. Octavio de Lazari is another longtime Bradesco employee who had been with the company for decades and had most recently been in charge of running the firm’s insurance underwriting division. Perhaps not coincidentally, this is the same division that Trabuco himself had run for a number of years, helping to drive business to the insurance unit of the company and making it one of the most significant sources of the group’s overall revenue. Visit istoedinheiro.com to know more.
As he moves into his new executive role, it is believed that he will continue to implement the same strategic vision that he has so successfully been able to use to guide the bank to stunning success over the last 10 years. Among his main accomplishments as president of the firm, he was able to make the record-breaking acquisition of HSBC Brazil. This single transaction grew Bradesco into the largest private bank in Brazil by various measures. The complete integration of all of the HSBC Brazil assets took more than 3 years to complete. In the interim, he was permitted to continue serving as the president of the firm for longer than the statutory maximum age of 65 years old, beyond which he would have normally been forced to retire.
With Trabuco as chairman and Octavio de Lazari as the CEO, the future of Bradesco has never looked more promising.