Bradesco announced on Monday the replacement of Luiz Carlos Trabuco by Octavio de Lazari Junior as president of the bank. Trabuco will stay in the position of presidency of the Board until the first meeting of the Board. He will also carry out his current term until the next Ordinary General Meeting on March 12, 2018. A statement from Bradesco mentions that Lazari Juniors’ appointment is backed by a formal process and succession and nomination.
According to estadao.com.br, Lazari was not a favorite of the seven vice presidents who were part of the dispute. According to analysts, the front-runner for the position happened to be Mauricio Minas, who was responsible for the area of technology. At 54 years of age, Lazari is currently the V.P. of Bradesco and he is also the CEO of Bradesco Seguros Group. He will continue to perform this function upon selection as new President.
Lazari began his career in 1978 in a Bradesco branch as a continuum, becoming an agency manager. Trabuco, on the other hand, began his professional activities at Bradesco on April 17, 1969. Both men stress the importance of having pension reform, as Trabuco has been a champion of Pension for years. Optimistic of the national economy, bankers had plenty good to say about the economy in 2018. Lazari affirms that they will have a much better year than years prior. Although optimistic, both Lazari and Trabuco keep pension reform at the forefront.
Keeping the legacy left by Mr. Brandao and Mr. Trabuco in mind, Lazari refers to his predecessors during the press conference to announce the change of command. Trabuco explains how it took months for the choice of the new president to happen. Knowing that he would be one of seven vice presidents, Lazari’s experience outweighed points that other potential candidates made. His personal merits are recognized by Bradesco and looked at with much distinction.
All in all it seems as though Bradesco has made the right choice in Octavio Lazari Junior. As Trabuco passes the torch to the new President, many will watch to see what changes will happen under new leadership. Trabuco will be the new chairman of the bank. There are similarities between both men, as they have a storied history within Bradesco starting as clerk. Trabuco was one of the many behind the choice of Lazari Junior, and again this choice happens to be based off of the experience Lazari Junior brings to the position. We will see the results of this decision as the date of the March 12th meeting approaches.