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Business

Zurich boss Josef Ackermann quits over CFO's suicide

The chairman of Zurich Insurance and former head of Deutsche Bank, Josef Ackermann, has resigned over the apparent suicide of the company's chief financial officer. The move brought more uncertainty to the Swiss insurer.

Announcing his resignation as chairman of Zurich Insurance on Thursday, Josef Ackermann said the family of the late CFO, Pierre Wauthier, who police believe committed suicide, indicated they thought he was partly to blame for the death.

"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," Ackermann said in statement.

"As a consequence, I see the possibility of a continued successful board leadership to the benefit of Zurich called into question," he added.

Details yet to become known

Watch video 01:35

Ackermann leaves Deutsche Bank

On Tuesday, CFO Pierre Wauthier was found dead at his home in a suburb of Zug outside Zurich, leaving behind a wife and two children.

It remained unclear in what way Ackermann could have contributed to the CFO's apparent suicide.

Since returning to his native Switzerland after his job as head of Deutsche Bank, Josef Ackermann had become a forceful advocate for the Swiss financial sector. He's been one of only few senior industry figures to keep their job through the global financial crisis.

hg/pfd (dpa, Reuters)

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