After a Suicide, Chairman of Zurich Insurance Quits

By JACK EWING

Published: August 29, 2013

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FRANKFURT — Josef Ackermann, former chief executive of Deutsche Bank and one of Europe’s best-known business leaders, unexpectedly resigned as chairman of Zurich Insurance Group on Thursday after acknowledging that he might be accused of sharing blame for the apparent suicide of the company’s chief financial officer.

Mr. Ackermann, often a controversial figure during his decade at the top of Deutsche Bank, said in a statement that he was “deeply shocked” by the death Tuesday of Pierre Wauthier, the Zurich chief financial officer, and that any allegation that he shared responsibility was “unfounded.” But Mr. Ackermann said the scandal would make it difficult for him to remain the head of Zurich Insurance.

“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,” Mr. Ackermann said. “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.”

Mr. Wauthier, who had worked at Zurich since 1996 and had been chief financial officer since 2011, was found dead Monday at this home in Zug, Switzerland, and the police said Tuesday that he had apparently committed suicide. He was 53 and had a wife and two children. It was unclear why the family of Mr. Wauthier might have blamed Mr. Ackermann for his death. Spokesmen for Zurich Insurance did not immediately return calls seeking comment.

Tom de Swaan, who had been vice chairman of the board, will serve as acting chairman, the company said.

Mr. Wauthier’s death and the resignation of Mr. Ackermann come during a difficult period for Zurich Insurance. Second-quarter net profit fell 27 percent to $789 million, the company said this month, blaming natural disasters including tornado damage in Oklahoma and flooding in Europe for the decline.

Mr. Ackermann, 65, left Deutsche Bank last year after 10 years as chief executive. He led Germany’s largest bank through the financial crisis but was the focus of recurrent controversy. Deutsche Bank continues to deal with numerous lawsuits and official inquiries stemming from the bank’s conduct before the financial crisis began in 2008, while Mr. Ackermann was in charge.

During Mr. Ackermann’s tenure, Deutsche Bank faced criticism that it took too much risk and was overly dependent on borrowed money. The bank continues to struggle with a reputation for being thinly capitalized compared with other banks its size.