Brazil's Banco Bradesco SA is modifying its executive board, cutting the number of vice presidents and refocusing on three major business areas — retail, wholesale and high-income — plus an additional focus on infrastructure, technology and human resources, O Estado de S. Paulo reported.
The move sees vice presidents Eurico Ramos Fabri, Cassiano Ricardo Scarpelli and Marcelo de Araújo Noronha take charge of retail, high income and wholesale, respectively. Meanwhile, André Cano will lead the IT and HR area.
The reshuffle marks Octavio de Lazari's first major management shift since taking over in February 2018. The bank reportedly said it made the changes to boost revenue and expand business opportunities through an "increasingly specialized relationship" with its customers, Reuters reported separately.
In addition, under the restructuring, former vice presidents Josué Augusto Pancini and Mauricio Machado de Minas will solely focus on being members of the board of directors, according to the report.
Bradesco also promoted executive directors Bruno D'Ávila Melo Boetger, Guilherme Muller Leal, João Carlos Gomes da Silva and Rogério Pedro Câmara to become managing executive directors.
Leandro de Miranda Araújo was reportedly named as deputy executive director and in charge of market relations, while Edson Marcelo Moreto, José Sérgio Bordin, Roberto de Jesus Paris and Antonio José da Barbara will oversee the departments of credit, retail, treasury and the general secretary, respectively.