Zurich Insurance: No undue pressure in CFO suicide case

Monday, 4 Nov 2013 | 2:21 AM ET
A logo on a sign outside Zurich Insurance Group AG's headquarters in Zurich, Switzerland.
Gianluca Colla | Bloomberg | Getty Images
A logo on a sign outside Zurich Insurance Group AG's headquarters in Zurich, Switzerland.

Zurich Insurance Group said two investigations found no indication that the company's former chief financial officer who committed suicide two months ago suffered any "undue pressure" and confirmed the presentation of its financial figures.

"We are still deeply saddened by the loss of Pierre Wauthier and we are unable to explain the motivation behind his tragic decision," Zurich Chairman of the board of directors Tom de Swaan was quoted as staying in a statement on Monday.

Two independent investigations conducted by the Swiss financial market watchdog FINMA into the suicide found "no indication that Pierre Wauthier was subjected to any undue or inappropriate pressure," Zurich said.

Wauthier, 53, committed suicide in August, blaming Zurich's then-chairman Josef Ackermann in a typed suicide note for putting him under pressure. Ackermann denied this, but resigned a few days later.

Sources told Reuters on Friday the investigations had found no improprieties.

  Price   Change %Change


Contact Europe News


    Get the best of CNBC in your inbox

    › Learn More

Europe Video

  • Victor Anthony, managing director at Topeka Capital Markets, says Facebook is performing "exceptionally well" with engagement at an all-time high and revenue growing for the third quarter in a row.

  • Grigoris Kouteris, general manager at Upstream, says one of the key lessons from Apple's results is the focus on emerging markets and the company's "move beyond the developed world."

  • Pedro Noronha, managing partner ar Noster Capital, explains that he remains "not terribly excited" about Apple in spite of the positive quarterly numbers.