Lazaro de Mello Brandao is known for holding the world’s record of the oldest serving chairperson. At 91 years old, Brandao finally decided to retire from his 25-year chairperson tenure at Banco Bradesco SA. His decision to retire triggered a succession race in Bradesco, the second largest bank in Brazil. In reference to a regulatory filing of the company, Luiz Carlos Trabuco Cappi (the company’s CEO) will be Brandao’s successor. Luiz will continue serving as CEO and chairperson until March when he will name a successor for his CEO position.
According to Bloomberg, Bradesco ranks among the oldest banking institutions globally. Brandao is also among the four CEOs and two board chairs to work for the banking institution since its establishment. Brandao joined Bradesco back in 1943 serving as a clerk at the age of 16 years. He got the chance to serve in the CEO capacity from 1981 to 1999.
When asked about his decision to retire, Brandao said that Banco Bradesco needed a new face to its board for its continuity. Though he is resigning as board chair, Brandao will continue to manage other holding companies operating under Bradesco. He is going to be remembered for fostering a management culture that focuses on promoting executives rather than recruiting new talents.
Bradesco made changes to its bylaws to increase the retirement age of CEOs from 65 to 67. Luiz Carlos Trabuco Cappi has until March next year to name his successor. There are speculations that he will choose from seven high-ranking executives of the bank. These include Mauricio Machado de Minas, Alexandre de Silva Gluher, and Josué Augusto Pancini. Others include Domingos Figueiredo Abreu, André Rodriguez Cano, Octavio de Lazari and Marcelo de Araujo Noronha.
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About Luiz Carlos Trabuco Cappi
Since 2009, Luiz Carlos Trabuco Cappi has been serving in the capacity of CEO at Banco Bradesco SA. He is also a member of the bank’s board of executive directors. He is the CEO of Bradesco’s subsidiary known as Bradesco Previdencia e Seguros SA. Before being promoted to CEO at Banco Bradesco, he served as the bank’s managing director. He also served in the capacity of departmental director and vice president at the banking institution. As Bradesco’s new chairperson, he is on a mission to help the company to maintain its leading position in the international and local banking industries.
Luiz Carlos Trabuco Cappi worked for ArcelorMittal Brasil SA as a member of its management board. Trabuco became part of the management team of Banco Bradesco in 1969. He got the opportunity to work for Bradesco Vida e Previdência S.A as president until his term ended in 1998. He continues to serve as Grupo Bradesco Seguros’ president since his appointment in 2003. In 2009, Odontoprev SA appointed him to serve in the capacity of board chair and director.
Bradespar SA currently benefits from Luiz Carlos Trabuco Cappi’s role as vice chairperson. Banco Bradesco is also benefiting from his extensive experience as he holds the position of internal director at the banking institution. Luiz Carlos Trabuco Cappi was Grupo Bradesco Seguros’ director since 2003. He was also Banco Espirito Santo’s executive director from 2009 to 2010. He worked for Brazil’s National Association for Private Pension Plans as president for six years.
From 2000 to 2003, Luiz Carlos Trabuco Cappi served in the Brazilian Association for Listed Companies’ managing board as a member. He attended the University of São Paulo for his bachelor’s degree in philosophy. He also graduated with a post-graduate degree from the institution’s School of Sociology and Politics. He was the recipient of a Personality of the Year Award in 2007 because of his efforts in transforming Bradesco using his 38 years of experience.
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