Former Zurich Insurance CEO Martin Senn Commits Suicide

Switzerland’s Zurich Insurance Group has announced that former CEO Martin Senn has killed himself. Senn, 59, ran the company for six years till his resignation last December. Senn, a former executive at Credit Suisse Group AG, joined Zurich Insurance as chief investment officer in 2006 and assumed the role of CEO in 2010.

The company reportedly released a brief statement Monday saying: “It is with great shock and sadness that we must inform you of the sudden death of Martin Senn. His family informed us that Martin took his life last Friday. With the passing of Martin, we lose not only a highly valued former CEO and colleague but also a close friend. Our thoughts are with his bereaved family and friends, to whom we extend our deepest sympathies.”

The statement added that the company would not make any further comment.

Senn’s death comes just three years after the suicide of former Zurich Insurance Chief Financial Officer Pierre Wauthier in 2013.

According to the Wall Street Journal, during the company’s annual meeting in early 2014, Senn had said: “The grief and shock we experienced at the suicide of our colleague Pierre Wauthier was enormous.”

Wauthier left behind a note blaming former Zurich Insurance Chairman Josef Ackermann for creating an unbearably stressful work environment. Ackermann then abruptly resigned and issued a statement rejecting blame for Wauthier’s suicide.

An internal probe at the insurer, conducted under the supervision of Switzerland’s financial regulator, later cleared company leaders of subjecting Wauthier to “undue pressure.”