Zurich Says No ‘Undue Pressure’ in CFO’s Suicide

Two independent probes directed by Swiss regulators found no indication that Zurich Insurance Group’s former chief financial officer was subject to undue pressure before he killed himself, the company said Monday.

The statement by Switzerland’s biggest insurer also said no financial misreporting was uncovered in connection with the probes directed by the Swiss Financial Market Supervisory Authority (FINMA). But the company’s board chairman acknowledged he still has no explanation why CFO Pierre Wauthier, 52, was found dead on Aug. 26 at his lakeside home in Walchwil, Switzerland, in what police said was an apparent suicide.

“We are still deeply saddened by the loss of Pierre Wauthier and we are unable to explain the motivation behind his tragic decision. FINMA’s investigation was conducted with Zurich’s full support and cooperation,” said Tom de Swaan, the board chairman.

Wauthier, a well-respected 17-year veteran at Zurich and married father of two, left behind a note describing his strained working relationship with then-chairman Josef Ackermann, the former head of Deutsche Bank and one of Germany’s best-known business figures.

Wauthier’s widow said she considered Ackermann at least partly responsible for his husband’s death. Ackermann abruptly resigned to avoid further damage to the company but called her accusations “unfounded.” In his note, Wauthier said Ackermann had created an unbearable work environment and that they fought over how the company did its financial reporting.