May 14, 2014
Cemex chairman and CEO Lorenzo H. Zambrano died Monday in Madrid, Spain, the company reports. He was 70 years old.
Zambrano’s death was unexpected, according to a report from Reuters, and no succession plan was in place at the time of his death.
A report from the New York Times notes that the company said “he died of natural causes.”
Despite uncertainty, the shares in the Cemex are not suffering. Shares in the company fell about 3 percent on Tuesday, NYT reports, but recovered by the end of the day.
A statement on the company’s website points to its next steps:
“Cemex’s operation and management will continue as usual. Cemex’s Board of Directors is expected to meet within the following days to make the corresponding decisions.”
Zambrano began working for Cemex in 1968. He became CEO of the company in 1985 and Chairman of the Board in 1995.
Reuters reports that a private funeral was held in northern Mexico on Wednesday.