Two independent investigations into the circumstances surrounding Pierre Wauthier’s suicide have determined that the Zurich Insurance Group isn’t responsible for his death.
Despite Wauthier’s suicide note, which blamed “undue pressure” at work for his decision to take his own life, the Monday report “found no indication that Pierre Wauthier was subjected to any undue or inappropriate pressure, and furthermore, the presentation of the financial figures was confirmed as appropriate," read a statement from Zurich.
Ackermann had been referred to in a note left by Wauthier, with the finance boss suggesting he was demoralized by a new, aggressive tone under Josef Ackermann.
It has also been suggested – according to Reuters’ sources – that Ackermann insisted that Wauthier make changes to the second-quarter earnings presentation a day before the results were due to be released back in August of this year, causing Zurich to flag a lack of progress on business targets.
Wauthier, age 53, was found hanged at his home in Zug, Switzerland less than two weeks later.
The investigations were conducted at the request of the Swiss Financial Market Supervisory Authority. They involved the assessment of documents and correspondence, and questioning of Wauthier's colleagues.
“We are still deeply saddened by the loss of Pierre Wauthier,” said the chairman of Zurich, Tom de Swaan, “and we are unable to explain the motivation behind his tragic decision.” (continued.)
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Ackermann tendered his resignation within days of the suicide, saying Wauthier's family had let it be known that “I should take my share of responsibility, as unfounded as any allegations might be.”
At the time he was deeply shocked by the death, and decided to resign for the sake of Zurich's reputation.
Ackermann is one of Switzerland's leading business figures and became Zurich's chairman in March last year following a decade as chief executive of Deutsche Bank, Germany's biggest bank.
