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Zurich probes CFO's stress

It wants to see if the aide, who apparently committed suicide, faced 'undue pressure.'

FILE - In this May 2, 2013 file photo the chairman of the Zurich Insurance Group Josef Ackermann speaks at the St. Gallen Symposium in St. Gallen, Switzerland. Ackermann abruptly resigned Thursday, Aug. 29, 2013, over the apparent suicide of its chief financial officer, claiming he wants to avoid damaging the company's reputation. Ackermann, who is Swiss, said in a company statement that he was resigning because he believed the undisclosed accusations leveled against him by the family of deceased CFO Pierre Wauthier could hurt Zurich's top ranks. (AP Photo/Keystone, Gian Ehrenzeller, File)
FILE - In this May 2, 2013 file photo the chairman of the Zurich Insurance Group Josef Ackermann speaks at the St. Gallen Symposium in St. Gallen, Switzerland. Ackermann abruptly resigned Thursday, Aug. 29, 2013, over the apparent suicide of its chief financial officer, claiming he wants to avoid damaging the company's reputation. Ackermann, who is Swiss, said in a company statement that he was resigning because he believed the undisclosed accusations leveled against him by the family of deceased CFO Pierre Wauthier could hurt Zurich's top ranks. (AP Photo/Keystone, Gian Ehrenzeller, File)Read moreAP
    by By John Heilprin, Associated Press, Inquirer
    Published 

GENEVA - Zurich Insurance Group is to investigate whether its chief financial officer was put under "undue pressure" before his apparent suicide after the company confirmed a note left by him that described his working relationship with former chairman Josef Ackermann.

The Swiss-based global insurance company suffered a chaotic and distressing week after Pierre Wauthier was found dead on Monday and Ackermann abruptly resigned on Thursday, saying he believed accusations leveled against him by the CFO's family could hurt the company's reputation.

New acting chairman Tom de Swaan said Friday the company's board would probe the relationship between Ackermann and Wauthier, who Swiss police say appeared to have taken his own life.

"There's no doubt that these tragic events have cast a shadow over Zurich," de Swaan said in a conference call with investors and analysts.

De Swaan said the company was informed by authorities that Wauthier left behind a note describing his relationship with Ackermann, a former CEO of Deutsche Bank.

"We were informed that such a letter exists, and we are aware of its content. And it's correct that it relates to the relationship between Pierre Wauthier and Joe Ackermann," said de Swaan.

According to a Zurich official, who has been briefed on the note by the company but spoke to the Associated Press only on condition of anonymity because of the sensitivity of the matter, Wauthier wrote that he disagreed with Ackermann over how the company did its financial reporting and was being pressured by Ackermann on how the numbers should be presented. Ackermann thought that Wauthier was playing down some negative aspects of the company's financial performance, the official said.