Zurich Insurance Group AG put no “undue pressure” on Chief Financial Officer Pierre Wauthier before he committed suicide in August, the Swiss insurer said Monday. The statement came after a months-long probe into Wauthier’s sudden death, which sparked doubts about everything from the company’s financial stability to its relationship between executives and the supervisory board.
“The investigations found no indication that Pierre Wauthier was subjected to any undue or inappropriate pressure,” the Zurich statement said. Current chairman Tom de Swaan added, “We are still deeply saddened by the loss of Pierre Wauthier and we are unable to explain the motivation behind his tragic decision.”
The review was overseen by both Zurich and the Swiss Financial Market Supervisory Authority, Finma. The probe involved reviewing “numerous documents and correspondence” questioning Zurich employees who had a connection with Wauthier.
Wauthier’s suicide came as the company missed analysts’ profit estimates and was fighting an uphill battle to reach its three-year targets by the end of the year. Former Chairman Josef Ackermann resigned three days after the CFO’s death, after being mentioned in Wauthier’s suicide note.
In a separate probe, Zurich found its presentation of the financial figures that preceded the Aug. 25 suicide were “appropriate.” Dominik Struder, an analyst with J. Safra Sarasin, said Zurich’s original three-year targets were perhaps “too ambitious.”
The insurer is expected to provide an update on those targets at the Dec. 5 investor day. Zurich is also believed to set new goals for the 2014-2016 period.
