Zurich comments on probe following exec's suicide


Zurich Insurance Group said a probe into the suicide of Pierre Wauthier showed that no 'undue pressure' was exerted on the CFO before his suicide in August.

'The investigations found no indication that Pierre Wauthier was subjected to any undue or inappropriate pressure', the Zurich-based insurer said in a statement Monday, citing the review overseen by the Swiss Financial Market Supervisory Authority, or Finma, the country’s regulator.

Bloomberg reports that Wauthier, 52, was found dead on 26th August at his home near Zug, Switzerland, less than two weeks after the company missed analysts’ profit estimates and said it was 'more challenging' to reach its three-year targets by the end of 2013. Josef Ackermann, 65, announced his resignation as chairman three days later after he was mentioned in a suicide note.

'We are still deeply saddened by the loss of Pierre Wauthier and we are unable to explain the motivation behind his tragic decision', Chairman Tom de Swaan said in a statement.

Wauthier was the second senior Swiss executive in five weeks to take his life after Carsten Schloter, 49, chief executive officer of Swisscom, was found dead at his home in July.

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Zurich Probe Finds No 'Undue Pressure' Put on Late CFO:

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