July 15 (Bloomberg) -- Banco Bradesco SA, Brazil’s second- largest non-government bank, named Candido Leonelli and Mauricio Machado de Minas as executive directors after the departure of three long-serving directors, a spokesman said.

The two were promoted yesterday following the three resignations, a spokesman for the Osasco-based lender said in a phone interview. Bradesco shares rose the most in almost two months, gaining 4.3 percent to 28.30 reais as of 4:08 p.m. New York time in Sao Paulo trading, while the benchmark Bovespa stock index surged 4.96 percent.

Leonelli has worked for Bradesco for 29 years and will be in charge of client relationships. Minas, who started at the bank in 1986, will oversee technology, the spokesman said.

The changes follow four months after Luiz Carlos Trabuco Cappi became chief executive officer. Last month Milton Vargas resigned as one of the bank’s vice presidents. Cappi replaced Marcio Artur Laurelli Cypriano after Bradesco was toppled as the country’s largest private sector bank with Banco Itau Holding Financeira SA’s takeover of Uniao de Bancos Brasileiros SA to form Latin America’s biggest lender.

“If the market sees it as a move toward renovation it would be something very positive,” said Joao Pedro Brugger, an analyst at Leme Investimentos in Florianopolis, Brazil. “It would be welcome if Bradesco becomes more aggressive in terms of acquisitions and regaining leadership.”

Bradesco said it accepted letters of resignation from three directors who worked with the bank for at least a decade. Paulo Isola, 54, who was in charge of the cards operations and the consumer finance arm, left the company after 12 years. Armando Trivelato Filho, 63, resigned after 33 years, while Luiz Pasteur Machado, 62, resigned after 49 years with Bradesco, the spokesman said. All three served on the board.

The departures were reported by Exame magazine yesterday.

To contact the reporters on this story: Telma Marotto in Sao Paulo at tmarotto1@bloomberg.net

Last Updated: July 15, 2009 16:38 EDT