World’s Oldest Bank Chairman Retires at 91

The resignation of 91-year-old Chairman of Bradesco Bank, Mr. Lazaro de Mello Brandao has triggered debates on succession for the bank’s highest sit. Brandao’s stepping down brings into office the third chairman of 73-year-old bank

In the meantime, the CEO of the bank 64- year-old Luiz Carlos Trabucco takes charge as the Chairman. Speaking after the resignation of Brandao, Luiz Carlos Trabuco Cappi hinted that the next CEO would be chosen to form the serving directors. At the same time, the outgoing president said that Trabucco was just a “natural choice for the position of president. Mr.Trabuco has 48 years of experience in the banking industry.

Mr, Brandao began his career in banking at the age of 16 years and worked for a grand 75 years. Through his industrious career, Brandao rose through the ranks, serving in virtually all possible positions and sections in the bank.

Renowned for his time-consciousness, the banks was always in his office at 7 o’clock and could leave after everybody else, well into the night. He considers the other members of the board as equally qualified to run the affairs of the bank, saying that after all, they are “graduates of the bank.”

He cited the need to have fresh minds run the bank. “There’s a need to renew the bank’s board to ensure its continuity,” Said Brandao, holder of employee badge “No.1” at Bradesco. However, Mr.Brandao will still be president of some subsidiaries associated with Bradesco, specifically, Fundação Bradesco and Cidade de Deus Participações.

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During his long tenure as chairman, Brandao created a unique management culture and one of its outcomes has been choosing top executives from within the existing team of managers. This has seen several executives serve in various positions for a very long time. The incoming Chair Trabuco, for instance, has held various positions in several of the subsidiaries owned by Bradesco.

Having served the bank for such a long time, the banker has seen several political, social and economic changes take place in the country and has been instrumental in proposing and implementing changes in the system. His family welcomed his move to his resignation saying that it was “the right time” for him to do so.

In the history of Brazilian banking, Banco Bradesco takes pride in having only two chairmen lead its board. Brandao is the second chairman after the bank’s founder Amador Aguiar who died in 1991.Speaking in an interview after his resignation Mr.Brandao responded to this aspect of leadership saying that the two chairmen “bring the council the foundations of renewing forces, new rites, new proposals. And that has to continue.”

In his resignation letter, the outgoing chairman further expressed confidence in the generation of the executives he leaves behind.

“Their merits are indisputable. Competence and efficiency are reflected in the daily overcoming of adversities in the face of an increasingly competitive market and an economic environment full of challenges.”

The influence of the retiring banker within the bank will remain a matter observers will be keen to watch. Although the exact figure remains unknown, it is estimated that his share will not be more than 1%.However, his influence will continue to be felt significantly given that he has always had the final say on major strategic decisions of the organization.

Lazaro de Mello Brandao exits the banking industry as one of the world’s oldest and longest-serving presidents of a bank. Nevertheless, he leaves behind a legacy of rasing from humble begins, to head one of the largest conglomerates in the country.

“Banks must recompose themselves and there will certainly be less default.” He said in response to the future of banking in Brazil.

Read more: At age 91, Lázaro Brandão resigns from Bradesco’s board of directors

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