Plans by Itaú Unibanco Holding SA to amend the
company's bylaws and prepare Brazil's largest private-sector
bank for a management succession process for the next four years
is positive, analysts at Citigroup GB&M said in a client note on
Friday. Chief Executive Officer Roberto Egydio Setubal agreed to
step down as chief executive of the commercial bank, Itaú
Unibanco SA, next year when he reaches the mandatory retirement
age of 60.
Under a proposal that will be put for vote on April 19,
Setubal will then assume the presidency of the group's holding
company for two years. "First, four more years gives Setubal
plenty of time to see through the completion of Itaú Unibanco's
efficiency improvement program ... Second, four years should be
ample time to identify and groom a competent successor,"
analysts led by Daniel Abut wrote.
Abut and his team identified senior vice presidents Marco
Bonomi and Cassio Schettini as members of a short list of
candidates to succeed Setubal as CEO of the retail bank.