Banco Bradesco Proposes Raising CEO Position's Retirement Age
September 06 2016 - 8:12AM
Dow Jones News
By Rogerio Jelmayer
SÃO PAULO -- The board of Brazilian bank Banco Bradesco SA has
proposed raising the retirement age for its chief-executive post to
67 years from 65, which would enable the current head of the bank
to stay on.
Bradesco's shareholders will vote on the proposal at their next
meeting, which is set to take place Oct. 7. The vote requires a
simple majority.
The current CEO, Luiz Carlos Trabuco Cappi, will be 65 years old
in October.
Bradesco said it is in the midst of integrating its largest-ever
purchase, the Brazilian operation of HSBC Holdings PLC, and wants
continuity in the CEO post during this time. Bradesco agreed to the
$5.2 billion deal in August 2015.
However, Mr. Trabuco Cappi's tenure also faces controversy. In
July, a federal court in Brasília accepted criminal charges against
Mr. Trabuco Cappi and two other bank executives for alleged
corruption as part of an investigation into the bribery of tax
officials. This means a judge believes investigators provided
sufficient evidence to proceed to trial.
Bradesco said at that time that it was certain its executives
hadn't broken any laws, a position a company spokesman maintained
Tuesday. Mr. Trabuco Cappi's attorney previously called the
allegations against his client groundless.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
September 06, 2016 07:57 ET (11:57 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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