Luiz Carlos Trabuco Cappi has recently announced that he will be taking over as chairman of the board of Grupo Bradesco, one of the largest and most prominent banks in Brazil. The announcement comes after Lazaro Brandao, the outgoing chairman of the bank, announced that he, too, will be stepping down as chairman, leaving the position vacant.
This creates a vacancy for the spot of chairman, which Trabuco Cappi will be responsible for filling. He has stated that he has until March of 2018 to select his successor and that, given the complexity of the business, he will take his time in choosing the right candidate for the job.
Initially, there was speculation that Trabuco Cappi, who has been a proponent of hiring outside managerial talent in the past, may be considering hiring the next CEO from outside the firm. But this rumor was quickly put to rest when Trabuco Cappi himself explicitly stated that he will not be appointing anyone outside the firm to the post of CEO.
There were some shareholders who, amid the shakeups in upper management, expressed nervousness at the departure of Lazaro Brandao. Brandao, 91, has been with the company for nearly 75 years and is one of the oldest currently serving chair people in the world. Even as the nonagenarian banker approaches the age of 92, the prospect of his resignation has been met with significant anxiety by some of the bank’s stakeholders due to the instrumental role that Brandao has played in the success of the bank throughout its history.
But Brandao has assured all those concerned that there is no possibility that he will stay on as chairman for another year. He has stated that he would like to spend more time with his family and allow for new managerial talent to rise up through the ranks. He was also careful to emphatically reassure all stakeholders in the company’s future that Trabuco Cappi is exactly the right man to fill the position of chairman. Brandao has stated that both he and Trabuco Cappi see eye-to-eye on most of their business philosophy and have always shared a similar vision for both the bank’s long-term business strategy and the role that Bradesco should play in Brazilian society at large.
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Most observers agree that the course of Bradesco is unlikely to change with Trabuco Cappi heading the board of directors. While many express doubt as to the way in which the day-to-day operations will be run under the yet-unnamed new CEO, others state that the bank that Trabuco Cappi has left to his successors is all but a turn-key operation, with the large strategic decisions for the direction of the bank already have been taken.
Although there has been much speculation regarding who the replacement for Trabuco Cappi will be in the position of CEO, a few statements that he has made have given many observers the impression that he very likely has already selected his replacement, for all practical purposes. Although there are technically seven candidates who may be eligible for appointment to the position, the smart money seems to be coalescing around Mauricio Minas, the current chief technology officer for the bank.
Minas has only been with the bank for about five years. But in that time, he has overseen the integration of all of HSBC Brazil’s technological systems into those of Bradesco. He has also been responsible for the development of Next, an online and mobile banking platform that has proven so successful that it is currently being spun off into its own company according to infomoney.com.br .
No matter who takes over at the helm, the company that Trabuco Cappi and Lazaro Brandao built is likely to stay on more or less its present course.
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