Zurich Insurance Group chairman Josef Ackermann has resigned following the suicide of CFO Pierre Wauthier.
Ackermann has resigned with immediate effect and his role will be taken over by vice-chairman Tom de Swaan on an interim basis.
Wauthier was found dead at his home outside of Zurich on Monday, police have since deemed Wauthier’s death a suicide.
Ackermann says: “The unexpected death of Pierre Wauthier has deeply shocked me. 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.
“As a consequence, I see the possibility of a continued successful Board leadership to the benefit of Zurich called into question. To avoid any damage to Zurich’s reputation, I have decided to resign from all my Board functions with immediate effect.”