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Executive indictments force Bradesco to look elsewhere for CEO successor

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Executive indictments force Bradesco to look elsewhere for CEO successor

Banco BradescoSA is looking at two new candidates as possible successors to CEO LuizCarlos Trabuco Cappi, who will reach the mandatory retirement age later this year,Valor Econômico reported.

Alexandre da Silva Glüher, who is responsible for legal mattersand internal controls, and Maurício Machado de Minas, who is in charge of informationtechnology, are both now seen as leading candidates for the chief executive role,according the report.

The shift comes after two candidates previously seen as likelyto replace Trabuco, investor relations head Luiz Carlos Angelotti and ExecutiveVice President Domingos Figueiredo de Abreu, were implicated in a federal investigation into bribes paid totax officials. Trabuco, who will reach the mandatory retirement age of 65 in October,was also indicted in the scandal.

The indictments marked yet another complication in Bradesco'ssuccession planning ahead of Trabuco's retirement. In November 2015, CEO Marco AntonioRossi, who had been widely seen as Trabuco's potential successor, was killed inan airplane crash.

The process to find Bradesco's new CEO is expected to launchofficially on Oct. 6, Trabuco's 65th birthday, to be completed ahead of the company'sMarch 2017 shareholder meeting, according to the report.