Cemex CEO passes away

|By:, SA News Editor

Cemex (CX) CEO Lorenzo Zambrano has unexpectedly died whilst on a business trip to Spain.

After becoming CEO in 1985, Zambrano set about turning Cemex into Mexico's first multinational company with a series of multi-billion dollar acquisitions.

However, Cemex's $16B purchase of building-materials company Rinker in 2007 saddled the Mexican firm with huge debts just as the U.S. housing market was starting to slump. Cemex is still paying off those loans.