Zurich insurance boss commits suicide, less than three years after CFO took his very own lifestyles

Former Zurich coverage boss Martin Senn has committed suicide six months after leaving the corporation under a cloud, a tragedy that comes less than three years after Zurich’s finance leader took his own lifestyles.

Senn, fifty nine, shot himself at his own family’s Alpine lodge home in Klosters, Swiss newspaper Blick said. He had cease as chief executive of Zurich in December following a series of profit warnings and a botched takeover of British rival RSA.

“Martin Senn’s family has knowledgeable us that Martin dedicated suicide remaining Friday,” the agency said in a announcement on Monday, including it became “shocked and deeply shaken.”

His demise follows the suicide of Zurich’s finance chief Pierre Wauthier in August 2013, which added into sharp attention the pressures facing senior company executives in Switzerland and elsewhere.

Wauthier, fifty three, killed himself after writing a suicide note addressed “To whom it may difficulty” wherein he described turning into demoralized by way of what he known as a new, more competitive tone at Zurich under then-Chairman Josef Ackermann.

 

Ackermann, a former head of Deutsche bank, denied any wrongdoing however stop quickly after Wauthier’s dying.

Weeks earlier than Wauthier’s loss of life, Swisscom leader government Carsten Schloter had taken his own existence.

Senn had been CEO when you consider that 2010 at Zurich, which he joined after stints with Swiss banks in Asia. He was married to a Korean musician and had  grown children.

associates, who requested no longer to be named given the sensitivity of the state of affairs, defined him as withdrawn and reclusive following his departure from the employer, which Zurich stated at the time became with the aid of mutual settlement.

“He wasn’t doing so nicely,” a former colleague said, however added that Senn had not given the affect of being suicidal.

The fee of suicide has been falling in maximum countries in Europe on the grounds that 2000, in line with Ulrich Hegerl of the German melancholy basis, a charity to save you suicide.

He said a suicide sometimes encourages other human beings to do the equal. “If someone you realize and recognize commits suicide, then there's a hazard in despair of a copycat suicide,” he brought.

Zurich coverage paid Senn 2.5 million Swiss francs in 2015, its annual report showed in March.

His failure to satisfy performance objectives, in an insurance sector that has struggled for the reason that monetary crisis, supposed he missed out on an extra stock payout.