On the death of the former head of Zurich Insurance Martin Zenna said in a statement published on its website. He died Friday at age 59, said his family.
Senn came to Zurich Insurance from Credit Suisse in 2006 as investment Director. In 2010, he became CEO of the insurance group, reminiscent of The Wall Street Journal.
In December last year, Senn has resigned after a difficult period in the company’s activities. Zurich Insurance has failed to conclude a deal to buy the UK insurance business of RSA Insurance, and in February, the group announced its intention to cut 15% of staff, as austerity measures after receiving a loss in the fourth quarter, higher than forecast.
Zenna’s successor at Zurich Insurance was a former Director of the largest Italian insurance company Assicurazioni Generali Mario Greco.
In August 2013, have committed suicide former financial Director of Zurich Insurance, Pierre Vauthier. In the suicide note, he accused the then Chairman of the management Board Josef Ackermann in creating the intolerable working conditions. An internal investigation came to the conclusion that the leadership did not give Vauthier excessive load, nevertheless Ackermann resigned from the company after the death of the Treasurer.
Senn subsequently appeared on Swiss TV and said that the company regrets the departure of Ackermann, and also that he had not been aware of the tension of the Chairman of the Board and chief financial officer, which could lead to the death of Vautier.
According to WSJ, the widow Vauthier has criticized the results of an internal investigation and said the company’s management that it has tried to avoid responsibility for the death of her husband. “The way you reacted to the suicide of Pierre that means that lack of accountability remains a part of the corporate culture of Zurich,” said Fabienne Vautier.
Zurich Insurance worked in Russia under the brand “zürich” from 2007 to 2014. She was forced to sell this business, which brought a loss of $300 million.