In many ways, banking is a noble profession. On account of managing people’s finances, bankers have an indirect influence on the quality of their lives. This influence is even greater for banks’ chief executive officers as their decisions potentially affect entire economies and by extension the lives of millions. Consequently, banks are always careful to select only the most competent individuals for this powerful position. Thus far, at each of the three times of asking, Brazilian bank Bradesco has appointed highly qualified CEOs. Due to recent changes at the bank, the bank is now again hoping to appoint another highly qualified president. Given the competitive nature of the Brazilian banking industry, the decision the bank makes with regards to this appointment could determine whether Bradesco will still be a banking giant or a mid-tier financial institution in the coming months. Read more on PDV exceeded expectations, says Bradesco president:http://economia.estadao.com.br/noticias/geral,prisao-dos-irmaos-batista-nao-impactam-risco-da-jbs,70001996105
The current vacancy in the president’s position at Bradesco was not planned. The position only became available when Luiz Carlos Trabuco Cappi, the current president was appointed to become the chairman of the bank’s board in early October. The previous chairman, Lazaro Brandao had unprecedentedly decided to resign from his position after 27 years of diligent service. However, since Lazaro Brandao is approaching 92 years now, his resignation has hardly been frowned upon. If anything, it has been welcomed by all at Bradesco and especially by his family. In his final years at the bank, Lazaro Brandao greatly mentored Luiz Carlos Trabuco Cappi on leadership, and many in the industry consequently believe the bank will continue faring well under the guidance of his successor.
Given the wealth of leadership talent at Bradesco, many believe that the bank will again select an effective leader. Just as the bank has done countless times before when it comes to replacing senior leadership, it is highly likely that Luiz Carlos Trabuco Cappi’s successor will be chosen from among the talents at the bank. That would realistically mean that the main candidates for the position are the seven individuals at the bank currently employed as executive vice presidents.
While many are eager to find out who the next president will be, the confirmation is not expected for at least a few months. Bradesco, which thrives on adherence to its regulations and culture, typically holds a shareholder’s meeting in March of every year. The next president is expected to be chosen by the board sometime before this meeting then presented to the shareholders at the meeting. However, since a bank as big as Bradesco cannot run efficiently without a president, and also to inspire public trust, Luiz Carlos Trabuco Cappi will continue serving as president until his successor is named and assumes office.
It is quite befitting that Luiz Carlos Trabuco Cappi was the one appointed to take over from Lazaro Brandao as chairman. The banker has continuously shown his commitment and loyalty to the Brazilian bank for the last 48 years. In fact, he has not once left the bank since he joined it in 1969 as a clerk. This is despite being offered some highly prestigious positions from the bank, including at one time being invited by former Brazilian president Dilma Rousseff to become the finance minister. While he did not deny that the position carried a certain allure and he was greatly honored to be considered for the position, Luiz Carlos Trabuco Cappi turned it down on account that he had unfinished work at Bradesco. Now that he has been named chairman, he has the opportunity to show the Brazilian financial industry what he meant by unfinished work.