Wednesday, May 14, 2014

Global Impact: Cemex Chairman Lorenzo H. Zambrano, 70, Passes Away in Madrid

According to The Latin American Tribune, Cemex chairman and CEO Lorenzo H. Zambrano died in Madrid, the company said. He was 70.

“The operations and management of the group will continue normally” following Zambrano’s death on Monday (May 12), the company said in a filing with Mexican securities regulators.

The board of directors “will meet in the next few days to make the decisions about how to go forward,” Cemex announced.

CEMEX, which was founded in 1906 in Monterrey and has operations in more than 50 countries, is the world’s third-largest cement producer, trailing only France’s Lafarge SA and Switzerland’s Holcim Ltd., which announced plans last month to merge and form LafargeHolcim.

COMMENT: Cemex also owns Sinergia Deportiva, which manages Mexico’s Tigres soccer club.

Zambrano, according to Cemex’s Web site, joined the company in 1968, became CEO in 1985 and was named chairman in 1995.

FORBES ranked Zambrano as the 428th wealthiest person in the world in 2006, estimating his fortune at $1.8 billion.

Zambrano, born in Monterrey, Nuevo León, in 1944, earned an engineering degree from the Monterrey Institute of Technology in 1966 and an MBA from Stanford University in 1968.