Josef Ackermann, chairman of Zurich Insurance Group AG, had abruptly resigned from his post after the death of the Chief Financial Officer Pierre Wauthier. This was after Ackermann was mentioned in the suicide note left by the demised executive.
According to another Zurich executive Tom de Swaan, "We were informed that such a letter exists and we are aware of its content. It's correct that it related to the relationship between Pierre Wauthier and Joe Ackermann. It would be inappropriate for me to further elaborate on this." De Swaan would sit as acting chairman for Zurich upon Ackermann's resignation.
Ackerman led Deutsche Bank AG for 10 years as CEO. Yesterday, he announced resignation after Wauthier's family accusedhim of being partly responsible for his death. Ackermann, 65, said that the allegations were "unfounded".
Zurich shares increased in value, ending four days of eroding value.
London-based analyst at Berenberg Bank Peter Eliot said, "They were as clear as they possibly could be that there was no link between what has happened and the financial situation. That has given people some confidence as shown by today's share price reaction."
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