As Luiz Carlos Trabuco Leaves The CEO Slot, Question Arise As To Who Will Replace Him

Bradesco is one of the largest banks in Latin America. The company was founded in 1943 as a one-branch thrift institution and has since grown into the dominant player in the Brazilian financial services industry. With interests in everything from auto insurance to retail banking, Grupo Bradesco has risen from obscurity to become one of the most recognized names in Brazil.

For the last nine years, the company has been run by well-known CEO Luiz Carlos Trabuco. The 67-year-old executive is known for taking a no-nonsense approach, eschewing flashy clothes and cars for a late-model Ford and focusing intently on creating a workforce that is among themost productive of any bank in Latin America. The understated CEO’s disarming way can easily hide the fact that he has a reputation as a somewhat ruthless leader, suborning all other considerations to the goals at hand.

And for the last 30-plus years, Trabuco’s goal has been creating the best businesses in the industry and thoroughly crushing all competition. His track record, in that regard, stands for itself. As the head of the bank’s financial planning division, Trabuco was able to turn a struggling business unit from a tiny overall percentage of the bank’s revenues into one of the most central components of its profitability. As the head of the bank’s insurance underwriting division, he was again able to turn things around. By the time he left Bradesco Seguros, the unit was the single largest underwriter of retail insurance policies in the country.

Read more: O Bradesco, de Brandão a Trabuco

But now, as Trabuco is set to transition to the role of chairman of the board of directors, questions are arising as to who will replace him and, indeed, if he can truly be replaced at all. As one of the most senior bankers in the country, with nearly 50 years of experience, Trabuco’s skills, experience and knowledge are not easy attributes to find in a replacement. In fact, there is a good chance that there is no one in the country who can truly match the overall package that Bradesco got in having Trabuco as its main man.

Trabuco himself has stated that he will take the selection of his replacement with the utmost seriousness and deliberate as long as necessary to find the right person for the job. Although there were rumors swirling for a time that he may seek to go outside the firm to recruit the next CEO, Trabuco quickly put those rumors to rest, stating that he had no intention of departing from corporate tradition, which calls for all high-level executives to be recruited from within the ranks of the company.

Those close to the selection process believe that, although any of the seven currently serving junior executives of the bank all theoretically have a chance of being selected as the next CEO, there are really only two candidates that have a shot at being the one called upon to occupy the president’s chair according to

The first is Alexander Gluher. The 58-year-old chief risk officer has been with Bradesco for nearly his entire career. He was able to oversee the successful risk assessment of all of the HSBC assets that Bradesco acquired, a task that was crucial to the success of the acquisition. But many say that Gluher, despite his seniority, is not the favorite to become next CEO.

That honor would fall to Mauricio Minas. At 57, the bank’s chief technology officer has become an indispensable asset to the firm, developing the Next online banking platform and overseeing the smooth integration of all of HSBC Brazil’s tech assets. Trabuco is also a major proponent of tech, making Minas’ appointment likely.

Learn more about Luiz Carlos Trabuco: