Guillermo Luksic Craig, Chilean businessman and chairman of holding company Quiñenco SA, died Wednesday of lung cancer at the age of 57, Bloomberg reports.
As chairman of Quiñenco, a subsidiary of Luksic Group, he invested more than $1 billion into Chilean shipping company Compania Sud Americana de Vapores SA in the past two years, after it lost a record $1.25 billion in 2011. The purchase added to a family business estimated by Bloomberg at $16.8 billion. By cutting vessels and routes, Luksic helped reduce losses at CSAV to $314 million in 2012.
“There could be some short-term volatility on CSAV’s stock as the decision to buy was his,” said Jorge Sepulveda, an analyst at Euroamerica Corredores de Bolsa SA, to a Bloomberg reporter. “He put people in charge and on the board who shared his vision, so the long-term strategy should remain intact.”