Former Zurich Insurance Group Chairman Josef Ackermann was mentioned in the suicide note of CFO Pierre Wauthier, the company confirmed.

“We were informed that such a letter exists and we are aware of its content. It is correct that it relates to the relationship between Pierre Wauthier and Josef Ackermann but it would be inappropriate for us to further elaborate on it,” says a company statement. “It is a very difficult situation, especially for the families and friends of Pierre Wauthier. We all need to respect their privacy during this difficult time and we deeply regret his passing, which was completely unexpected.”

The statement reiterated comments from Tom de Swaan, acting chairman, made during a conference call.

Ackermann said he was stepping down as chairman on Aug. 29. “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,” he said in a statement.

The 65-year-old Swiss national called the allegations “unfounded.”

Wauthier was finance chief since 2011. Police say Wauthier was found dead at his home on Aug 26 and appeared to have committed suicide.

According to Reuters, Ackermann resigned after Wauthier's family shared the contents of the letter with senior executives at the firm. Wauthier explicitly blamed Ackermann in the note for putting him under pressure, said the source, who declined to be named because of the sensitivity of the subject.

Reuters sources say Ackermann and Wauthier had clashed ahead of the company's second-quarter results.

Zurich shares rose in trading in the Zurich stock exchange after the company said the problems between the two apparently had nothing to do with financial performance. That uptick followed four days of declines.

In the conference call, the company said there was no link between Wauthier's death and Zurich's financial performance. “We stand by everything we said at the half year,” CEO Martin Senn said.

de Swann said the company planned to investigate whether Wauthier had been put under undue strain before his death.

Special Reports /

Ackermann Cited in Suicide Note of Zurich CFO

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