When it comes to choosing the president at Bradesco, one of the biggest banks in Brazil, the whole process can be equated to a resistance test. Up until now, the names fronted have never been the same as those that played an active role in the row. A case in point is Marcio Cypriano, the current president of Bradesco, who at the time of his appointment, nothing major was discussed about him. He succeeded Lazaro Brandao in 1999, who moved on to become the commander of the bank’s board of directors. Brandao had earlier on been considered an underdog when the dispute of replacing the then president Amador Aguiar arose. Recently, the board of directors did not change the script and went ahead to appoint the executive VP, Luiz Carlos Trabuco Cappi, as the president to lead Bradesco as from March.
Why Luiz Carlos Trabuco Cappi?
Luiz Carlos Trabuco Cappi was chosen due to a number of reasons. First of all he was the chairman of Bradesco’s insurer, which is the largest in Brazil from the year 2003. Secondly, his name featured a lot whenever Bradesco and most financial market executives held discussions about the possible successor to the president. Thirdly, Trabuco had worked for Bradesco for almost 40 years. He started off as a clerk and has known the bank inside out, a privilege only a few people enjoy. This fitted well with the profile that is well valued by Bradesco of renewal and continuity from Amador Aguiar’s era.
Trabuco had also been tipped earlier about the possibility of being appointed as the president when Cypriano was appointed. He was being prepared mentally for what lay ahead of him. He was only 47 years old, an age considered as too young in as far as Bradesco’s command is concerned. Another possible candidate in the race to become president was Jose Luiz Acar Pedro, the commander of Bradesco’s investment bank. He joined the group’s ranks in 1997 after the acquisition of National Credit Bank. Roger Agnelli, the Vale president was another cited name. However, Agnelli was only 49 at the time, an age that is considered as “too young” to lead the group. According to Antonio Jacinto Matias, the VP of the largest bank in Brazil, Itau Unibanco, Trabuco was chosen due to the fact that he had grown with the bank. This gave him an edge and experience to stand up to the challenge of heading a financial giant like Bradesco.
Reasons For Leadership Change
Bradesco is seeking to change its command due to the age of its outgoing president Cypriano who is 65 and as such cannot exercise executive roles. Bradesco was also dethroned by Itau Unibanco as the largest private bank in Brazil. The bank values been at the helm of the market so much as it is a mark of honor. It believes that a new force at its command will help it regain its honor back. Trabuco is expected to inherit the hot seat at Bradesco at the height of a number of challenges to the sector. The country is experiencing a hostile economic environment and the financial sector facing numerous challenges overseas.
About Luiz Carlos Trabuco Cappi
Luiz Carlos Trabuco Cappi is not a typical banker as he did not graduate in accounting, economics, engineering or administration. He holds a degree in philosophy from the University of Sao Paulo and a postgraduate in sociopsychology at Sao Paulo’s School of Sociology and Politics. He joined Bradesco as a clerk in 1969. He moved to the headquarters in Sao Paulo and flourished well. He became the marketing director (1984), president and executive director of the group’s pension company (1992-1998). In 1999 he was the executive VP before becoming the president of Bradesco’s insurance company in 2003.
Find more about Luiz Carlos Trabuco Cappi: http://www.istoedinheiro.com.br/noticias/negocios/20151218/luiz-carlos-trabuco-cappi-empreendedor-ano-nas-financas-2015/327856