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UPDATE 1-Banco Bradesco chairman steps down, CEO takes role
October 10, 2017 / 10:57 PM / 2 months ago

UPDATE 1-Banco Bradesco chairman steps down, CEO takes role

(Adds details of succession)

SAO PAULO, Oct 10 (Reuters) - The chairman of Banco Bradesco SA, 91-year-old Lázaro de Mello Brandão, is stepping down after running its board for nearly three decades, accelerating the succession process for Brazil’s second-largest private lender.

Chief Executive Officer Luiz Carlos Trabuco will replace Brandão as chairman immediately and stay on as CEO for six months. A new CEO will be chosen at the shareholders assembly in March, Bradesco said in a securities filing late on Tuesday.

Brandão has worked at Bradesco for 75 years, since the bank was founded. He worked alongside founder Amador Aguiar and kept a tight grip on management in recent decades. He has been chairman since 1990 and served as CEO from 1981 to 1999.

The choice of a new CEO was delayed two years ago when a top candidate for the job, insurance executive Marco Antonio Rossi, died in a plane crash.

Vice presidents including Mauricio Minas, Alexandre Gluher, Josué Pancini and Octavio Lazari are seen within the bank as possible CEO candidates, according to sources with knowledge of the matter. (Reporting by Brad Haynes and Tatiana Bautzer; Editing by Jonathan Oatis and Leslie Adler)

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