Itau Unibanco Restructures Executive Committee Before CEO Change

Itau Unibanco Holding SA, the biggest Latin American bank by market value, reorganized its executive committee as Chief Executive Officer Roberto Setubal prepares for his succession in about two years.

The goal is “to make the transition to the future in a smooth and safe way and address the most immediate challenges of the bank,” Setubal said Monday in an e-mailed statement. “Priorities remain efficiency and simplification.”

Setubal is set to leave the CEO post and the executive committee and join the board in April 2017, when he will turn 62. That’s the Sao Paulo-based company’s retirement age for executives.

The executive committee will have three general directors and two vice presidents, according to the statement. Candido Bracher will be wholesale general director in charge of asset management, the private bank, custody services and investment and corporate banking, as well as relations with the big and mid-sized companies. He’s CEO of Banco Itau BBA SA, the corporate and investment bank.

The Latin American business excluding Brazil, currently headed by CEO Ricardo Marino, will fall under the wholesale division overseen by Bracher. Marino will leave the executive committee.

In addition to Bracher, the panel’s other two director generals are Marco Bonomi, who heads retail; and Marcio Schettini, overseeing technology, operations and efficiency. The committee’s other members are Eduardo Vassimon, a vice president in charge of risk who becomes chief financial officer for the holding company, and Claudia Politanski, a vice president for legal affairs who’s taking on communication, personnel and institutional relations.

Besides Marino, three other vice presidents from Itau Unibanco and one from Itau BBA are leaving the committee.

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