Josef Ackermann had stepped down from office after Zurich Insurance Group AG's finance chief committed suspected suicide. Ackermann said in a statement today, "The unexpected death of Pierre Wauthier has deeply shocked me, I have reasons to believe that the family is of the opinion that I should take my share of responsibility, as unfounded as any allegations might be."

Ackermann previously worked with Deutsche Bank AG as its CEO for 10 years. He had exited the company last May 2012 after leading the bank throughout the financial crisis of 2008. Last year, Ackermann joined Zurich Insurance.

Zurich Insurance's vice chairman Tom de Swaan would replace Ackermann on an acting basis. This was according to a company statement. The 67 year old De Swaan joined the company in April 2006. He became Zurich's vice chairman in March last year. Previously, De Swaan worked for ABN Amro Bank as its CFO in 1999 and retired from the financial institution in 2006.