By John Letzing
Zurich Insurance Group has poached the chief financial officer from fellow insurer Swiss Re AG, filling a position that has been vacant since the death of the previous CFO over the summer.
George Quinn, 47, will become CFO at Zurich Insurance beginning in May next year, Zurich Insurance said in a statement late Monday. Mr. Quinn has served in the same role at Swiss Re since early 2007.
The hiring comes roughly four months after Zurich Insurance's previous CFO, Pierre Wauthier, killed himself, leaving behind a suicide note that implicated one of Switzerland's most influential corporate figures and raised troubling questions about his treatment at the company. In the note, Mr. Wauthier blamed former Zurich Insurance Chairman Josef Ackermann for creating an unbearable work environment.
Mr. Ackermann, a former chief executive at Deutsche Bank, resigned from his role at the insurer, citing a need to protect the firm's reputation. He has denied any responsibility for Mr. Wauthier's death.
A subsequent investigation, the results of which were released last month, found that Mr. Wauthier hadn't been subjected to "undue pressure."
A Swiss Re spokesman declined to make Mr. Quinn available for comment. Zurich Insurance and Swiss Re announced the move in simultaneous news statements that were issued after the close of trading.
Swiss Re said that Mr. Quinn, who joined the company in 1999, was leaving to "pursue other professional interests." Chairman Walter Kielholz said in the statement that Mr. Quinn had been "instrumental in implementing Swiss Re's strategy."
Zurich Insurance has been under pressure bolster its performance in the wake of a relatively lackluster first half of the year. The firm posted upbeat third-quarter results last month and indicated at a recent investor day event that it may sell underperforming businesses. In a statement Monday, Zurich Insurance CEO Martin Senn said he is "delighted" to bring Mr. Quinn on board "at this important time."
Source: MarketWatch
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