Banco Bradesco’s Chief Executive Officer stepped down on Tuesday at 91 years of age. He had worked for Bradesco since its origination in 1943, in the then-small town of Marilia. Lazaro de Mello Brandao was only 16 years old when he started working as a part-time clerk in Marilia. Coincidentally – or not, if you’re superstitious – Bradesco’s President, Luiz Carlos Trabuco Cappi was born in Marilia just eight years after Mr. Brandao started working there.

Mr. Trabuco, along with Bradesco’s board of directors, will have a strong opinion in who gets promoted to CEO. Luiz Carlos Trabuco Cappi made clear that Bradesco will hire from within. Such is expected from Banco Bradesco SA, as most executives have been promoted from within, including Mr. Trabuco himself.

Holding the position of CEO at Bradesco is a prestigious title, as only four people have held the position since its foundation in 1943. The same goes for Presidency, with only two executives holding that title in Bradesco’s 70-plus-year history.

Luiz Carlos Trabuco Cappi finished grade school before his peers, immediately enrolling in the University of Sao Paulo. Mr. Trabuco traveled a whopping 290-odd mile distance to Osasco, where the Brazilian-leading Faculty of Philosophy, Letters, and Human Sciences of the University of Sao Paulo was located. Luiz Carlos Trabuco Cappi then enrolled in the School of Sociology and Politics of Sao Paulo after earning a bachelor’s in Philosophy, decorating his proverbial wall of achievements with a postgraduate degree in Socio-Psychology. Combined, these degrees helped Mr. Trabuco interact with others at Bradesco, its customers, and competing banks.https://www.bradescori.com.br/site/conteudo/interna/default3.aspx?secaoId=572

One such application was exercised in Bradesco’s acquisition of HSBC Holdings’ retail banking operations in Brazil. Located in the United Kingdom, it was difficult for executives of HSBC Holdings to take regular trips to Brazil and assess its banking operations’ performance. As such, HSBC’s retail banking unit’s performance had slowly declined in the decade preceding Bradesco’s takeover in 2015.

Mr. Trabuco realized that a rival financial institution or business conglomerate could purchase HSBC Brazil before Bradesco was able to. As such, soon after he thought about acquiring the nexus of banks in Brazil owned by HSBC Holdings, Bradesco closed the deal with the Britain-based financial institution for a whopping $5.2 billion sum. Even though the network was only worth slightly more than $1 billion, Luiz Carlos Trabuco Cappi realized the potential in overtaking HSBC Brazil. Since the acquisition, Mr. Trabuco has stated the purchase brought the equivalent of six years of organic growth to Bradesco.

Alexandre da Silva Gluher, a current Bradesco executive, had a lion’s share of work in acquiring HSBC Holdings’ Brazilian retail unit. As such, some believe that Gluher may be ahead of the other six candidates for Chief Executive Officer. Unfortunately for those interested in who takes hold of Bradesco’s top spot, the hiring decision won’t be made until February of 2018.

Most candidates have stayed with Bradesco since the 1970s or 1980s, with only two executives having been hired following the turn of the millennium. Mauricio Machado de Minas and Marcelo de Araujo Noronha were hired in 2009 and 2003, respectively.

Mr. Trabuco is currently the lead employee at Bradesco, and will assume the responsibilities of both positions until a candidate is named to CEO in February of 2018.

Luiz Carlos Trabuco Cappi was recently named one of the 60 most powerful people in Brazil, bringing home the 24th spot. He’s won a number of other awards throughout the 2000s, including Insurance Personality of the Year in both 2006 and 2007, one of Brazil’s top executives by Forbes, and Entrepreneur of the Year by Isto E Dinheiro.

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