Zurich to investigate if suicide CFO was under undue pressure

Zurich is investigating whether chief financial officer Pierre Wauthier (pictured) was put under excessive pressure prior to his suicide earlier this week.

Acting chairman Tom de Swaan confirmed the move in a conference call with investors and analysts. De Swaan said: “The board sees it as its prime responsibility to look into the question as to whether there was undue pressure placed on our CFO.”

The acting chairman, who replaced predecessor Joe Ackermann after his resignation after Wauthier’s death, also confirmed that Wauthier left a suicide note in which he mentioned Ackermann.

De Swaan said: “We are aware of its content, and it’s correct that it’s related to the relationship between Pierre Wauthier and Joe Ackermann.”

Allegations arose earlier in the week from Wauthier’s family regarding the relationship between the two men, and this led to Ackermann resigning from the insurer. However, De Swaan said he was not aware of any inappropriate behaviour from Zurich board members.

At the time of his resignation, Ackermann said: “The unexpected death of Pierre Wauthier has deeply shocked me. I have reasons to believe that the family is of the opinion that I should take my share of responsibility, as unfounded as any allegations might be.

“As a consequence, I see the possibility of a continued successful board leadership to the benefit of Zurich called into question. To avoid any damage to Zurich’s reputation, I have decided to resign from all my board functions with immediate effect.”