After a lot of careful consideration, the head of one of Brazil’s largest banks has chosen a new president for the company. Cappi himself will continue on as Chairman of the Board, but former Vice President Octavio De Lazari Jr. will take the helm as president. He will officially begin his duties after the company’s annual shareholder’s meeting in march.
That annual shareholder’s meeting was also the deadline for a new president to be chosen. Under Brazilian banking rules, they were also required to submit a name to Brazil’s central bank for their new president thirty days before the meeting. The company has a long standing tradition of promoting from within, so it’s not a surprise that they promoted one of the company’s seven Vice Presidents.
This entire thing began with the resignation of the company’s former President Lazaro Brandao according to globo.com. He had served the bank for more than seven decades before his retirement at the age of ninety one. Luiz Trabuco stepped in as the temporary President, but it was understood from the beginning that it would be a temporary arrangement.
Read more: O Bradesco, de Brandão a Trabuco
Luiz Carlos Trabuco is the man who made Bradesco the powerful institution that it is today. He serves as Chairman, but before that he worked his way up the ranks from a very young age. Like many of the world’s most successful people, Trabuco wasn’t handed any opportunities until he worked hard to get them. Some of his best work was in the management of Bradesco Seguros, which is the portion of the company concerned with the insurance business. He served as company’s President and Chairman until the age of 65. Bradesco’s charter says that a company president must retire at 65, which is the only reason he is no longer leading the company. After the resignation of Lazaro Brandao, the age limit was increased to 67 simply because Trabuco was unquestionably the best man for the job. Bradesco is the second largest bank in Brazil.
It is worth noting that Octavio De Lazari Jr. also worked as the head of Bradesco Seguros, just as his predecessor did. He began working for the bank at the age of fifteen, giving up his plans of playing football for a more realistic goal. His father was a customer at the bank, and was well liked by most of the people there. He used that influence to help his son get the job, and it is probably safe to say that they never regretted hiring him.
According to CEO Luiz Carlos Trabuco Cappi, the decision was made based on a number of things, but Octavio De Lazari Jr. was mainly chosen based on experience and merit. After his years of service to the company, and his stellar performance within it, he was a natural choice for the position.
With such a stellar team of seasoned professionals at the helm, one can only expect that Bradesco will continue the upward trend that they have enjoyed in recent years. In spite of all bumps in the road, their wagon continues to roll on.
Find more about Luiz Carlos Trabuco Cappi: http://www.valor.com.br/financas/5153264/bradesco-novo-presidente-saira-do-corpo-executivo-afirma-trabuco