Former Zurich Insurance CEO Martin Senn Commits Suicide
Martin Senn, the former Zurich Insurance CEO, committed suicide just months after resigning from the financial conglomerate. The executive’s death is the second suicide among the company’s top brass in the past few years.
On Monday, a statement released by Zurich announced the death of the former executive.
“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.”
Despite his departure, Senn remained confident in Zurich’s ability to reach its business goals, yet was mindful of some potential obstacles. The 59-year-old had earned his way to the top and served as the company’s CEO for six years before leaving the position on December 1.
Former Zurich Insurance CEO Martin Senn commits suicide https://t.co/zLI210CNs4
— The Wall Street Journal (@WSJ) May 30, 2016
Prior to taking the helm at Zurich, Senn became the company’s chief investment officer after leaving Credit Suisse Group in 2006. Born in 1957, he began is insurance career at the age of 18 as an apprentice at Swiss Bank Corporation, which later became UBS.
People close to the family described Senn as reserved and withdrawn after he left Zurich, but did not seem suicidal.
“This is a huge loss; Martin Senn was an amazing person,” said Martin Naville, CEO of the Swiss-American Chamber of Commerce, where Senn had served as president. “Human beings are hard to understand, but we have to accept his decision.”
In August 2013, former Zurich Chief Financial Officer Pierre Wauthier took his own life at his home in Switzerland. The 53-year-old executive became the company’s CFO in October, 2011.
In a suicide note, Wauthier blamed former Zurich Insurance Chairman Josef Ackermann for creating a dreadfully demanding work environment. After the executive’s death, Ackermann resigned and adamantly refused to take responsibility for Wauthier’s death.
At an annual meeting in 2014, Wauthier’s widow steadfastly criticized the investigation and remained convinced Zurich executives caused her husband’s suicide. Speaking to several key employees, including Senn, Fabienne Wauthier said their unwillingness to accept responsibility continues to be part of Zurich’s corporate principles.
In his last year with the company, Martin Senn earned about 2.5 million Swiss francs as the CEO. However, Zurich’s poor performance in recent years while the executive was in charge most likely led to his departure.
A Zurich financial report in February revealed a significant fourth quarter loss, prompting the company to implement cost-cutting measures likely to impact about 15 percent of its employees. Just before the report was released, the financial juggernaut announced Mario Greco will take the CEO position, filling the vacant seat left by Senn.
From 2015 to 2016, shares of the financial company plummeted 40 percent, yet have slightly recovered in recent trading. Additionally, the company’s bottom line was stressed due to $275 million in claims for a 2015 port explosion in China.
Last year, Zurich was in negotiations to purchase U.K. insurance company RSA Group, but the deal ultimately fell through in September. Shortly thereafter, the company announced a complete revamping of its general-insurance business.
Former Zurich Insurance CEO Martin Senn shot himself at his family’s vacation home in Switzerland. He leaves behind his wife and two adult children.
[Photo by AP Photo/Keystone, Franco Greco]
