Banco Bradesco SA said Lázaro de Mello Brandão resigned from his post as the chairman of the bank's board.
Brandão, who has served on the board since 1981, will remain chairman on the board of the bank's controlling entities.
The executive will be replaced by Luiz Carlos Trabuco Cappi, who is serving as CEO of the bank.
Cappi will be serving both as CEO and chairman of the board until March 2018.
The lender also noted that Carlos Alberto Rodrigues Guilherme will now be serving as vice chairman of the board.