* Setubal to relinquish bank CEO role under new plans
* Board wants CEOs to retire at 62 instead of 60
* Itaú eliminates one key post in management shuffle
By Aluísio Alves
SAO PAULO, Feb 21 Itaú Unibanco Holding SA
, Brazil's largest private-sector lender, said Roberto
Egydio Setubal agreed to step down as chief executive next year
when he reaches the mandatory retirement age of 60.
Setubal will then assume the presidency of the group's
holding company for two years, according to a company email sent
to Reuters. Itaú Unibanco Holding's board will ask shareholders
to approve lifting the retirement age for future CEOs of the
commercial bank, Itaú Unibanco SA, to 62 at a meeting on April
The changes are aimed at allowing Setubal to oversee a
smooth transition at the helm of the bank he has presided over
since 1994. He is a member of one of the families controlling
Itaú Unibanco - the other two families include the Villelas and
the Moreira Salles.
Itaú, as the commercial bank is branded, faces weak growth
in loan disbursements, a focus on less-risky types of credit
that charge lower interest rates, and a rapid compression in
banking spreads. Setubal said earlier this month that slowing a
decline in margins was the bank's biggest challenge.
The bank also said Marcos Lisboa, the senior vice president
in charge of insurance and internal controls, would step down.
Other executives will take over units under his responsibility,
effectively reducing the number of senior vice presidents to
nine from 10.
Marcio Schettini, currently the senior vice president for
card transactions, will oversee insurance as well as auto and
mortgage lending. Chief Financial Officer Caio Ibrahim David was
promoted to senior vice president under the changes, the
Recently, Setubal named Eduardo Vassimon as senior vice
president for risk and compliance, replacing Sergio Werlang.
Vassimon, who left Itaú in 2008 to pursue other interests, will
be in charge of risk modeling and compliance in all areas of
Brazil's largest private-sector lender.
A source told Reuters at the time that the dismissal of
Werlang as senior vice president for finance, risk and
compliance was probably linked to an internal view that the
division was responsible for massive credit-related losses in
some segments last year. Following his
dismissal, Itaú separated the finance unit, led by CFO David,
from risk and compliance.