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Friction at Zurich Built in Months Before Suicide
Keywords:
The suicide note left by CFO Wauthier of Zurich Insurance in August 2013. This followed heated and tense exchanges with chairman Josef Ackermann of Zurich Insurance, who joined the company in 2012. Wauthier says Ackermann created a very stressful working environment and treated managers disrespectfully, putting pressure on the finance department. Ackermann joined Zurich Insurance after a career as investment banker and CEO of Deutsche Bank AG. Zurich Insurance's board said an internal investigation will be conducted on cultural issues about whether excessive pressure was placed on the finance department by senior management. Ackermann resigned immediately. Ackermann had tried to change the culture at Zurich of courteous and quiet internal meetings. His position was non executive chairman but he took a vigorous role. Zurich Insurance was facing a difficult macroeconomic environment and missed three year operational targets set in 2010. Wauthier was a 53 year old dual French-British citizen who joined the company in 1996. He worked in southern California for the company in one position, where he improved his surfing skills. The differences between the hard charging investment banking demeanor of Ackermann and the quiet demeanor with engagement in sports of Wauthier, suggests serious differences in management styles leading to conflict that ended in tragedy.
Stress and senior management- Zurich Insurance and ex-Deutsche Bank executive
09/04/2013
The suicide note left by CFO Wauthier of Zurich Insurance saying the stress on the finance department and the tense exchanges with CEO Ackermann had led him to this choice. Wauthier committed suicide at his lake Zug home. He was known as a mild mannered manager and disagreed with Ackermann on how to present the firm's lagging performance to investors- Ackermann preferring a public show of dissatisfaction and Gauthier for the company to say it was working on reaching its goals. Ackermann is known for a results oriented managment. He resigned immediately. The tragic event leaves questions about how this could have happened.
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Friction at Zurich Built in Months Before Suicide
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