Seguros Executive Octavio Lazari Will Be Bradesco’s New CEO According To Luiz Carlos Trabuco Cappi
Bradesco is coming off one of the most profitable years in its 75-year-old history. Wall Street is singing the praises of CEO Luiz Carlos Trabuco Cappi and the members of his executive team. Wall Street is also celebrating the illustrious career of 91-year-old Lázaro de Mello Brandão. Brandão is the departing Chairman of the Board, and Cappi is taking his place. That scenario is not unusual. Trabuco Cappi and Lázaro de Mello Brandão are a team to reckon with in the banking industry. Cappi owes a lot to Brandão in terms of banking opportunities. Brandão was instrumental in hiring Cappi forty-nine years ago.
Mr. Brandão and founder Amador Aguiar put a small bank in Sao Paulo on the map, and they never stopped expanding their vision of their bank. When Cappi wanted to work for Bradesco in 1969 as clerk, the bank was already in a major acquisition growth spurt. Cappi wasn’t a numbers man in terms of education. But his personality, quick intellect, and his desire to be a banker was all Amador Aguiar and Brandão needed to prove he could be an excellent bank trainee. Cappi was not only an excellent trainee. Today, Cappi is an excellent bank executive with accommodations and awards to prove he has what it takes to be in charge of one of the largest banks in the world.
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Mr. Aguiar is long gone, and Brandão is finally leaving the bank after 75 years of service. But in true Brandão form, he is giving Cappi the opportunity to take over for him. Cappi didn’t hesitate when the bank’s board voted to make him the new chairman. He is taking over Brandão’s responsibilities on the board, but he will also be available to assist new CEO, Octavio Lazari with the challenges facing the bank in 2018 and beyond. Lazari is an excellent leader, and he knows how to make the numbers work. He is the current president of Banco Seguros, the insurance division of Bradesco. That division makes a lot of money for Bradesco, and bank employees feel that’s the reason Octavio got the job instead of one of the other six candidates.
According to infomoney.com.br IT Vice-President Mauricio Machado de Minas and chief risk officer Alexandre da Silva Glüher were candidates for the CEO job, but both men are up for a director’s seat, so they will still play an important role in executive decisions going forward. Andre Cano, another candidate, will stay in his position as human resource vice-president. And Josué Pancini and Domingos Abreu will stay in their executive roles as well. And Marcelo Noronha will also be part of the new executive team, according to a recent press release.
Some Brazilian bankers question Bradesco decision to change the executive team structure right now. But the bank didn’t have a choice. At 67, Cappi is too old to continue as CEO, and Lázaro de Mello Brandão is at the end of his banking career. Plus, Bradesco has to show internal movement in order for investors to feel confident that the executives are changing as banking changes in the 21st century. Banking is a tough business, and bankers are only as good as their last profit returns. Fortunately, Cappi and his team are riding the crest of unprecedented profits and growth, so all the internal changes make sense.
But the changes still have to go through the shareholders, and that meeting will take place March 12th. Cappi will get shareholder approval to be the next chairman, Lazari will get the ok to be the new CEO, and other executive team members will get the nod to be directors.
Learn more about Luiz Carlos Trabuco Cappi: https://istoe.com.br/octavio-de-lazari-junior-sera-sucessor-de-luiz-carlos-trabuco-cappi-no-bradesco/