Bradesco (BBDC4) hires executive from Mercado Livre (MELI34) to lead digital retail

The performance of Mercado Livre (MELI34) at the online retail attracts attention not only from competitors but also Casas Bahia (BHIA3) or Magazine Luiza (MGLU3) — giants of financial market like the Bradesco (BBDC4) are keeping an eye on the executives of the Meli.

Proof of this is that the bank completed the process of hiring Túlio Oliveira, who served as senior vice-president of Finance at Mercado Livre, as the person responsible for the institution’s digital retail.

Oliveira is recognized as a reference in the digital market. He worked at Itaú Unibanco, Pay Pal and Mercado Pago, with different responsibilities focused on digital businesses.

“For us, this is a relevant moment in the execution of the planned plan”, says Bradesco CEO, Marcelo Noronha. “People are and will be fundamental for us to achieve the defined objectives and deliver results,” he added.

Bradesco further reinforces the team

Túlio Oliveira does not arrive at Bradesco alone. Silvana Machado, until then she was an executive in the Talent area at Advent, has now taken on responsibility for managing the bank’s people.

She, who holds the position of CHRO (Chief Human Resources Officer), graduated from Poli, with a master’s degree in Chicago. She has worked for consulting companies and global banks, such as Booz-Allen, AT Kearney and Egon Zehnder.

Now, Bradesco’s executive board has three women: Silvana Machado, Cintia Barcelos (IT Architecture) and Renata Geiser (Audit and General Inspectorate).

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“Bradesco has a positive image due to its history of knowing how to build an environment that encourages career development for executives and employees, for those trained here and those arriving from abroad,” said Noronha.

Julio Guedes, who is already managing the Credit Portfolio area, was also hired as director. Coming from Serasa Experian, where he was director of Analytics, Guedes worked at the Credit Guarantee Fund, among other companies.

‌Complementing the list of hires, in this first phase, is Eduardo Ventura, who came from Citibank to be the new head of ultra high at Bradesco Global Private Bank.

The long road to Bradesco’s restructuring

The hires take place amidst a restructuring process at Bradesco, which has been presenting results below its rivals — BBDC4 shares are down 21% in the year.

In the first quarter, the bank’s performance was far from impressive: a net profit of R$4.211 billion in the first quarter of 2024, which represented a drop of 1.6% compared to the same period last year — although it was a considerable advance of 46.3% compared to the fourth quarter of 2023.

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With the drop in profit, Bradesco’s profitability (ROE) remains well below historical levels and stood at 10.2% in the first quarter.

In terms of comparison, Itaú had a net profit of R$9.771 billion in the first quarter of 2024, an increase of 15.8% compared to the same period last year. In addition to the profit, the ROE in the period was 21.9%.
In the same vein, the Banco do Brasil (BBAS3) recorded adjusted net profit of R$9.3 billion in the first quarter of 2024, an increase of 8.8% year-on-year, and ROE of 21.7%.