Bradesco's Rossi Dies in Jet Crash, Was Likely CEO Candidate

  • Oliveira, head of bank's pension-products unit, also died
  • Pilot, co-pilot killed when Cessna crashed on way to Sao Paulo

Marco Antonio Rossi, the head of Banco Bradesco SA’s insurance business and a top candidate to succeed Chief Executive Officer Luiz Carlos Trabuco Cappi in 2017, died in a plane crash in Brazil Tuesday night.

Bradesco’s head of pension products, Lucio Flavio Conduru de Oliveira, pilot Ivan Morenilla Vallim, and co-pilot Francisco Henrique Tofoli Pinto also died when the company-owned plane went down, according to a statement Wednesday from the Osasco-based bank.

“The premature deaths tragically interrupt professional trajectories marked by victories and achievements,” Bradesco said in the statement.

The Cessna Citation 7 crashed in a farm at the border of Goias and Minas Gerais states, about 780 kilometers (484 miles) northwest of Sao Paulo, a spokesman for the Air Force said. Brazilian authorities sent six military investigators to the site, according to an e-mailed statement from the Air Force. The plane was flying from Brasilia to Sao Paulo.

BM&FBovespa SA, which operates the Brazilian stock exchange, held a moment of silence in tribute to the executives when the market opened at 9 a.m.

Rossi, who was 54, joined Bradesco’s pension-products business in 1981, according to the bank’s website. He had been an officer at the bank since 1999, and in 2009 became CEO of the insurance division, which contributes about a third of Bradesco’s profit. Oliveira was also 54.

Rossi and Oliveira were leaders who played “a very important role” developing Brazil’s insurance industry, Jesus Zabalza, CEO of Banco Santander Brasil SA, said in an e-mailed statement.

Trabuco Cappi will reach Bradesco’s mandatory retirement age of 65 next October.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE