Famous Mexican businessman Juan Sanchez Navarro dies

Juan Sanchez Navarro, a prominent Mexican businessman who spent his career in the nation's beer industry, has died of heart failure. He was 92. Sanchez Navarro died early Sunday, and his memorial later that day was attended by Mexican President Vicente Fox and several high-profile business leaders.

Fox sent a letter of condolences in which he called Sanchez "a decisive man in the democratic, modern history of the nation." Sanchez Navarro began his career at Cerveceria Cuauhtemoc, but switched in 1940 to Grupo Modelo, where he served as vice president.

He founded and led several business organizations, including Mexico's national chamber of commerce, or CANACO, as it known by its Spanish initials.

He also helped found President Vicente Fox's conservative National Action Party in 1939. In 2000, Fox was the first opposition party candidate to win the presidency in 71 years. Sanchez Navarro's remains were cremated in Mexico City. There were no burial plans, reports the AP.

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