A lot has been said about the Brazilian economy in the last few years. The largest economy in South America experienced its worst recession in decades in 2015 and had been struggling to recover since. This recession had a crippling effect on the financial sector, including the banking industry.
Fortunately, however, forecasts now indicate that Brazillian economy is bound to get back to a positive growth trajectory. This positive news will be received well by most banks in the country but most especially by Banco Bradesco, which is currently in search of a new president. Consequently, the incoming president will have the advantage of being able to start his/her tenure in an accommodating economic climate – a fact that could have a positive effect on the rest of the tenure.
The latest search for a president at Banco Bradesco was not planned. In fact, it only commenced as a result of the outgoing president, Luiz Carlos Trabuco Cappi being promoted to chair the bank’s board of directors. The previous chairman, 91- year old Lazaro Brandao decided to resign from his post slightly over a month ago to spend more time with his family. Having served the bank for the entire 74 years that he was a banker, Brandao’s resignation was well received by all at the bank who appreciated his desire to get some much-deserved rest. Many speculate that he has been grooming his ultimate successor, Luiz Carlos Trabuco Cappi for some time now. He has also approved of Luiz Carlos Trabuco Cappi appointment stating that the leadership transition would go ahead without any hitches as a result.
While he will immediately assume the responsibilities of chairman, Luiz Carlos Trabuco Cappi will continue being the president of Banco Bradesco for the next four months. Unfortunately, the replacement for the president’s position cannot be made as quickly as that of the chairman. This is due to the fact that it should precede by 30 days the annual shareholder’s meeting which is next scheduled for March 2018. Since the bank cannot go that long without having a president, the board saw it wise to have Luiz Carlos Trabuco Cappi continue in an acting capacity as president.
Additionally, the long periods between now and when the next president is appointed has created the opportunity for amending the structure of the board at Banco Bradesco. The bank’s board is the body assigned the task of selecting who will become the next president. Currently, the board has eight executives. While this was seen as a sufficient number in the past for the bank, it continued growth has led to concerns that the board is too small and could ultimately get too strained. Consequently, there is talk that it could be expanded to seat more members in the coming weeks. At the same time, however, the president will no longer be a member of the bank’s board as was the case in previous years.
For Luiz Carlos Trabuco Cappi, the selection process for the new president will also be an undertaking for gauging the success of his mentorship efforts at the bank for the last few years. Since he became president of the bank a few years ago, Luiz Carlos Trabuco Cappi has been trying to improve the leadership quality at the bank through coaching and mentoring. It is for this reason that he set up a corporate university at the bank. Since the next president will certainly be selected from within the bank, the individual will likely have passed through the corporate university or have been mentored by Luiz Carlos Trabuco Cappi.
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