The chairman of Swiss insurance firm Zurich has resigned, citing pressure to take a "share of responsibility" for the death this week of the company's finance director, suspected to have killed himself.
Josef Ackermann quit with immediate effect on Thursday saying the family of Pierre Wauthier, who was found dead at his home on Monday, had let it be known he should take some responsibility for their loss.
"The unexpected death of Pierre Wauthier has deeply shocked me," Ackermann said in a statement. "I have reason to believe that the family is of the opinion that I should take my share of responsibilty, as unfounded as any allegations might be.
"To avoid any damage to Zurich's reputation, I have decided to resign from all board functions with immediate effect."
If it is confirmed Wauthier killed himself it would be the second time time the past five weeks a boss in a top Swiss company has done so. Carsten Schloter, the 49-year-old former chief executive of mobile phone company Swisscom, took his own life in July.
Three months before he died Schloter spoke of his intense difficulty to switch off from the pressure of work. "The most dangerous thing that can happen is that you drop into a mode of permanent activity," he said in an interview in May. "I notice in myself how I find it harder and harder to find the time to take my life down a gear."
A spokesman for Zurich refused to explain what allegations Wauthier's family may have made about Ackermann. The spokesman said he was unable to explain why Ackermann had resigned despite describing the allegations as unfounded.
The spokesman said Zurich no longer represents Ackermann and referred the Guardian to the 65-year-old executive's personal PR adviser, who did not respond to invitations to comment.
Wauthier, 53, a married father of two with dual British and French nationality, was found dead at his lakeside home in Zug, near Zurich, on Monday. An autopsy indicated he probably killed himself but this has not been confirmed. There have been conflicting reports in Swiss media over whether or not he left a note.
A woman who identified herself as Wauthier's widow said she was advised not to comment any further, when contacted by Bloomberg News on Thursday.
The death came less than two weeks after the company reported a 27% drop in second-quarter profits and warned the market that it probably would not meet its performance targets.
Wauthier, who had overseen the company's finances since 2011, held a master's degree in International Finance from l'Ecole des Hautes Etudes Commerciales and a masters in private law from the Sorbonne University in Paris. He worked for two years at the French ministry of foreign affairs and joined JP Morgan in 1985, before taking on the job at Zurich Insurance.
Ackermann, 65, one of Switzerland's leading business figures and a former chief executive of Germany's biggest bank Deutsche Bank, will be replaced by vice-chairman Tom de Swaan on an interim basis.