Lazaro de Mello Brandao has revealed that he will be leaving his position as chairman of the board at Banco Bradesco SA. At over 90 years of age, Lazaro de Mello Brandao is one of the oldest banking leaders in the globe right now. He has held the post of chairman for a quarter of a century at Banco Bradesco SA before finally deciding to retire. The bank he has led for over two decades now has the second highest market valuation in the country.
The announcement that Mr. de Mello Brando will be leaving his position as chairman of the board has caused a stir both within the Banco Bradsesco SA and in the Brazilian financial sector. The immediate replacement for Lazaro de Mello Brandao’s spot is a leading executive at the firm called Luiz Carlos Trabuco Cappi. He presently acts as the CEO at Banco Bradesco.
The newly appointed chairman will continue to hold the title of chief executive officer at Banco Bradesco and his new board membership until the beginning of March. That is when the bank will vote upon a new chief executive officer. It will also vote to elect a permanent chairman of the board position that has been vacated by Lazaro de Mello Brandao.
Mr. de Mello Brandao began working at Banco Bradesco SA all the way back in 1943. He went from a teller to chief executive officer and chairman at one of the biggest banks in Brazil. Mr. Brandao said that his resignation was needed in order for the successful continuation of Banco Bradesco’s operations. As leader of the bank, Brandao was famous for promoting talent from within the company rather than outside. This tradition will remain for now and will be in effect while the company hunts for a new chief executive officer and board chairman.
Following the announcement by president Lazaro de Mello Brandao of his resignation as chairman of the board, stocks of Banco Bradesco fell slightly by about 1%. The bank stock has performed exceptionally well during the year, though. It gained about 39% value in 2017 so far.
Though Mr. Brandao is leaving his title as president, he is not exiting the firm. He will continue to manage a few of Banco Bradesco’s holding companies. Mr. Lazaro de Mello Brandao will also continue to work at the desk that he has worked for so many years now at Banco Bradesco.
The current serving chief executive officer at Banco Bradesco is Luiz Carlos Trabuco Cappi. He completed undergraduate studies at the University of Sao Paulo’s school of philosophy, social sciences, languages and fine arts. Luiz Carlos Trabuco Cappi also completed a master’s degree program of study at the University of Sao Paulo’s school of politics and sociology.
He joined the Banco Bradesco group back in 1969. Luiz Carlos Trabuco Cappi was formerly a managing director at the Banco Bradesco Group and also worked as a department director. He also held the position of vice president, executive vice president and later became the chief executive officer in 2009 athe financial company. In addition to his role as CEO and board chairman at Banco Bradesco S.A., he holds the title of internal director at the bank.
Other firms that Luiz Carlos Trabuco Cappi works at include Odontoprev S.A. He serves as a chairman there as well board director. Luiz Carlos Trabuco Cappi also serves as a director at a company called Bradespar S.A. He also served as a director at Grupo Bradesco Seguros and at Banco Espirito Santo SA. The Banco Bradesco S.A. CEO has also served on the board of the Brazilian Association for Listed Companies.
Learn more about Luiz Carlos Trabuco Cappi: http://www.valor.com.br/financas/5194121/trabuco-apesar-das-incertezas-investidores-acreditam-no-pais