October 20, 2016 / 4:36 AM / 2 years ago

Mexican builder ICA says CEO Zarate has died

MEXICO CITY, Oct 19 (Reuters) - Mexican construction firm ICA said on Wednesday its experienced Chief Executive Officer Luis Zarate has died, dealing a fresh blow to the company as it seeks to battle its way out of a heavy debt load.

Two people familiar with the matter, speaking on condition of anonymity, said Zarate had been suffering from cancer.

Appointed in February, Zarate replaced Alonso Quintana Kawage who left his post as part of a wider restructuring strategy aimed at regaining investor confidence after ICA’s steep slump into debt and a cash crunch.

Zarate spent over 40 years working with ICA in a variety of roles, the company said in a statement.

ICA, which has not posted a profit since 2013 and has defaulted on multimillion-dollar debt payments, lost 3.36 billion pesos ($182 million) in the April-June period. ($1 = 18.4640 Mexican pesos) (Reporting by Alexandra Alper; Editing by Simon Cameron-Moore)

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