Jose Antonio Subies, 61, died at a hospital in Valencia on Saturday night after suffering gore injuries that affected his liver and one of his lungs.
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He was the chief executive officer of Pamesa’s South American group.
Mr Subies’ 63-year-old friend Vicente Fontestad, president of citrus fruit firm, was injured after being attacked by the same bull and remains in hospital after a leg operation.
He was expected to undergo a second op on his hand at Valencia’s Clinico Hospital yesterday.
Footage of the drama showed the two men being lifted up in the air by the bull, called Cocinero which in English translates as Cook, after it was set loose on the streets in La Pobla de Fornals near Valencia.
The dead man was born in the town and had helped organised the Bous Al Correr event where the incident happened around 7pm on Saturday.
Mr Subies and his friend are thought to have been trying to reach safety through a gap in security railings in front of a house in the area where the bull was set free when they became trapped in its path.
The Pamesa executive, who had worked for the firm for around three decades, went into cardiac arrest after being admitted to A&E and efforts to save his life were unsuccessful.
Friend Jordi Montagut, an export director for another firm, said in a social media post: “We will miss you.
“It’s been many years, many flights, many trade fairs.
“It’s been a pleasure to share this journey with you. Heaven will look better with the ceramics you’ll put in it.”
Jose Manuel Llaneza, Pamesa’s CEO, described his colleague’s death as a “huge blow”, saying: “Jose Antonio had spent practically all his working life at Pamesa.
“He was a wonderful person and an exceptional colleague.”
Well-wishers took to social media to offer their condolences to Mr Subies’ family.
But reactions to his death also included comments from animal lovers including one who said: “If you don’t know how to fight bulls why did you do this?
“I’m never happy to hear about anyone dying but neither do I celebrate the death of an animal.”
Carmen Almagro added: “If he had had a different pastime, this wouldn’t have happened to him.”