Josef Ackermann, the former chief executive of Deutsche Bank, plans to resign as a deputy chairman of Siemens, a decision that comes shortly after he abruptly resigned as chairman of Zurich Insurance Group last month. “Our focus is on ensuring the continued stability of the company.”. "I have reasons to believe that the family is of the opinion that I should take my share of responsibility, unfounded as any allegations might be. Two weeks ago Zurich reported a 17 percent slide in first-half net profit and it said low investment returns meant it would miss some targets. But there was still more oomph to be wrung out of Zurich, he thought.”. However, his arrival at Zurich failed to impress investors and there was considerable change in the top ranks. "We were informed that such a letter exists and we are aware of its contents," stand-in chairman Tom de Swaan said in a press conference. ZURICH (Reuters) - The finance chief of Zurich Insurance, Pierre Wauthier, named chairman Josef Ackermann in his suicide note, the company confirmed on Friday as it pledged to investigate whether he had been put under undue strain before his death.
The deaths have shocked corporate Switzerland and prompted calls for greater support for boardroom high-fliers. Ackermann sold off industrial holdings and slashed jobs, and Deutsche now makes less than 30 percent of its revenue there.
3 insurance group for 17 years, believed he shared some of the blame for his death. Not so much a cover-up but that something might have been found in the company.”. Two weeks ago the head of its life insurance arm, Kevin Hogan, left to become AIG’s head of consumer insurance. Morningstar: © 2019 Morningstar, Inc. All Rights Reserved. Josef Ackermann resigned as chairman of Zurich Insurance following the death of the company's finance director, Pierre Wauthier, who named him in a suicide note (EPA)
Photo: Naveen Sharma/SOPA Images via ZUMA Wire, With Wisconsin emerging as a battleground state in the 2020 election, WSJ’s John McCormick sat down with voters from across the political spectrum to hear about the issues they find most important. You talked about the numbers, and they told you everything you needed to know,” said one senior banker, who declined to be named. They used to be the experienced father figure that executives could turn to for wise counsel, but, because of regulatory change and the fear of personal reputational damage, some chairs are more focused on satisfying shareholders and the regulator. Want an ad-free experience?Subscribe to Independent Premium. It comes five weeks after the death of Swisscom boss Carsten Schloter, who apparently committed suicide. Former detective Brett Hankison was charged for bullets he fired recklessly into a neighboring apartment.
Ackermann's abrupt departure comes on top of a period of flux among Zurich Insurance's upper echelons. The body of the 53-year-old, who was married with two children, was found at his home in Switzerland on Monday. For most of their lives they have worked hard and reaped the dividends. Are you sure you want to delete this comment? Zurich’s chief executive Martin Senn said he was not aware of any dispute that could have driven Wauthier to his death. Carsten Schloter, CEO of Swisscom (SCMWY), was found dead in late July in a case police also assumed was suicide.
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