Global insurer Zurich Insurance Group AG will report the results of its internal investigation into the suicide of Chief Financial Officer Pierre Wauthier by the end of October, a source told Bloomberg.
Wauthier’s sudden death in August prompted speculation on whether undue pressure was placed on the CFO. Former Chairman Josef Ackermann, who was mentioned in the suicide note, quit three days after Wauthier was found dead, despite calling such speculation “unfounded.”
Boris Boehm of Germany’s Aramea Asset Management, told Bloomberg Zurich’s decision to release the report will help recover something of the company’s flagging global status.
“Zurich’s management now need to be as transparent as possible,” said Boehm, who manages about $2bn with Aramea. “If things are only addressed behind closed doors, it will tarnish the company’s reputation.”
Zurich has made no public mention of its investigation or the report, but called the process an “ongoing review.”
Following Wauthier’s suicide, the Switzerland insurer admitted it would be “more challenging” for the company to meet its 2013 targets of improving profits and increasing its market share in the US.
Zurich’s shares fell 1.1% immediately following news of its CFO’s death, with shares currently down 2% this year, settling at 238.10 Swiss francs Tuesday.
The company has not yet appointed a new CFO.