Three days after a Swiss insurance executive was found dead in his home of an apparent suicide, the company’s chairman has resigned.
In a bizarre twist to a tragic event, Josef Ackerman, the chairman of Zurich Insurance, said yesterday he was stepping down to avoid sullying the company’s reputation.
On Aug. 26, cops in Zug, Switzerland, a lakeside suburb of Zurich, found Pierre Wauthier, 53, a father of two, dead in his home.
The next day, an autopsy determined it was likely a suicide.
Ackerman said he had “reasons to believe that [Wauthier’s] family is of the opinion that I should take my share of responsibility.”
The 65-year-old executive, the former chief executive of Deutsche Bank, called the family’s allegations “unfounded,” but he stepped down anyway to protect the bank, he said.
The chairman’s stunning good-bye sent US-listed shares of the Zurich financial giant down 4.6 percent to $24.37 as questions swirled over the exact nature of the accusations against the well-known banker.
Fabienne Wauthier, the CFO’s widow, in the days after her husband was found dead, complained about the company’s treatment of her spouse, the Wall Street Journal reported, citing a person close to Ackermann.
The widow was “particularly upset with Mr. Ackermann,” according to the report.
Speaking to Swiss public television, Zurich CEO Martin Senn said the firm was unaware of “any conflicts which could or should have led to such a death.”
But the stunning revelation comes at a troubling time for the insurer.
Zurich has posted two consecutive quarters of lower profits — including a 27 percent bottom line decline in the latest quarter as natural disasters, including tornadoes in the US, took their toll on the balance sheet..
The company appointed vice-chairman of the board, Tom de Swaan, acting chairman.