Ex-Deutsche CEO resigned as Zurich chair after being named in suicide note

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Josef Ackermann’s abrupt resignation as chairman of Zurich Insurance Group came after Chief Financial Officer Pierre Wauthier mentioned him in his suicide note, the company said.

'We were informed that such a letter exists and we are aware of its content', Tom de Swaan, who became acting chairman Thursday after Ackermann quit, told analysts and reporters on a call Friday. 'It’s correct that it related to the relationship between Pierre Wauthier and Joe Ackermann. It would be inappropriate for me to further elaborate on this'.

Bloomberg reports that Ackermann, who led Deutsche Bank through the financial crisis in 10 years as chief executive officer, said Thursday he was stepping down after members of Wauthier’s family accused him of sharing responsibility for the death. The 65-year-old Swiss national called the allegations 'unfounded'.

'They were as clear as they possibly could be that there was no link between what has happened and the financial situation', said Peter Eliot, a London-based analyst at Berenberg Bank with a buy on shares. 'That has given people some confidence as shown by today’s share price reaction'.

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Ackermann Quit Zurich After Being Named in Suicide Note

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