The long wait of the Brazilian financial industry is over, and Banco Bradesco declared its new CEO to lead the banking firm from March 2018. It is announced that one of the current vice presidents of the firm as well as the CEO of its insurance unit – Bradesco Seguros Group, Octavio de Lazari Junior will take charge of the CEO.
Since its current Chief Executive of the bank, Luiz Carlos Trabuco Cappi, was appointed as the new Chairman of the firm in October 2017, the bank was in the search for the fitting candidate. Though Luiz Carlos Trabuco Cappi assumes both the role, for the time being, the Brazilian banking regulations do not permit any single person holding both the roles more than six months.
Since the bank follows a procedure of finding a suitable candidate from its workforce to the top post, all the seven VPs of the firm were considered for the role. However, the reports confirm that Lazari Junior was not considered as a favorite for the role though he had a long career journey with the bank. The company was announcing the replacement in the management on February 5, 2018. Interestingly, Lazari Junior will take charge of the top role on March 12, 2018 – after the Board of Directors nods the approval.
Additionally, Lazari Junior will also be appointed as the President of the Executive Council of the bank in place of Trabuco Cappi. Lazari Junior has over four decades of close association with the bank, and he began serving a branch in Sao Paulo as an office boy at the age of 15. During those days, he was employed with an agency and was not part of the workforce of the bank. Lazari Junior became the Manager of the agency in a few years. He decided to make a foray into the bank and served various roles in the initial years.
Since 1998, Lazari Junior began making his contributions in the credit area and became a director according to insiders.morningstar.com . In 2010, he was appointed as the department director in the bank with responsibilities of Finances and Loans. After two years, he was appointed to the Executive Director’s Board. In 2017, Lazari Junior became the President of the insurance unit of the bank as well as the VP of the banking firm. It is confirmed that Lazari Junior would continue to hold the leadership role of the Bradesco Seguros Group though he got the elevation.
The current Chairman of the firm, Trabuco Cappi initiated his career journey at his age of 18 as he joined the bank as an office clerk in 1969. In the next four decades, he assumed various roles and took initiatives for a number of flagship programs of the bank. Some of them include the digital banking efforts, some critical acquisition programs, and diversification of business into new areas. Apart from serving the bank, Trabuco Cappi also serves on the boards of a number of companies in various sectors. He was part of Brasilian division of ArcelorMittal Board.
Search more about Luiz Carlos Trabuco Cappi: http://economia.estadao.com.br/blogs/coluna-do-broad/bradesco-deve-anunciar-sucessor-de-trabuco-antes-do-carnaval/