Banco Bradesco SA, one of Brazil’s biggest banks, is replacing its chief executive as it seeks to restore profitability and emerge from a credit downturn in Latin America’s largest economy.
Marcelo de Araujo Noronha, who’s been at the bank for 20 years, becomes the lender’s new CEO, Bradesco said in a regulatory filing on Thursday. He replaces Octavio de Lazari Junior, who’s been at the firm since 1978 and will be appointed to a seat in the board of directors.
Lazari led Bradesco amid a challenging credit cycle in Brazil since he took the post in 2018. The bank’s earnings have regularly missed analysts estimates, with figures for the fourth quarter of last year considered by some the worst in its history. It was severely hit by provisions for loan losses tied to the collapse of retailer Americanas SA, and also struggled with its higher exposure to small companies and low-income clients relative to peers.
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