God only knows how many Zurch employees have found themselves so overwhelmed by management demands that they might have thought the worst. My thoughts go to Mr Wauthier’s family. At least in the USA, the prevalent culture is that the employee is the one to be blamed for poor results regardless of the positions implemented by management. Contrary to public statements by Zurich corporate the employee is of little concern to senior management. In the past five years we have seen a continued implementation of policies detrimental to the regular hard working employe. As an example, in Sep 2011 every employee 65 years or older received a notification. The message was as clear as cruel, ” if you are 65 or older you have two choices, leave the company before year end and keep the already meager benefits or stay with the company and lose all the benefits.” I admire Mr Ackermann for accepting a potential responsibility and having the good sense of relinquishing his post. No one in the U S would had done anything similar
Agree. Mike foley has created a culture of nepotism and discrimination. Long term employes are despised and if you are not part of the “club” you are doomed. A bunch of “pretty boys” at the expense of the true workers
As much as I understand the pressure aspect, the other alternative is to quit your job and move on.
I am not sure it is fair to commit suicide and blame another person. We all know that these senior management positions at these large companies are stressful. Sort of big reward and big risk.
We have all seen several companies cut talented people because the overall performance of the company was disappointing whether it was their fault or not. Very few kill themselves.
Unless the “pressure” involved an accounting cover-up or other illegal activities. I doubt a CFO in his 50’s would kill himself because he lost an argument.
Responding to insurance 102
AIG, at least the new AIG, is a much better place to work and prosper. Don’t trust the public pronouncements elicited by Zurich
Is this a Swiss thing where a CEO resigns when another officer commits suicide? Or is a scandal brewing?
This is definitely not the end of the story.
Does make you wonder what he was pressuring him to do, that put him in an untenable situation. Sounds like the CFO’s family knows.
God only knows how many Zurch employees have found themselves so overwhelmed by management demands that they might have thought the worst. My thoughts go to Mr Wauthier’s family. At least in the USA, the prevalent culture is that the employee is the one to be blamed for poor results regardless of the positions implemented by management. Contrary to public statements by Zurich corporate the employee is of little concern to senior management. In the past five years we have seen a continued implementation of policies detrimental to the regular hard working employe. As an example, in Sep 2011 every employee 65 years or older received a notification. The message was as clear as cruel, ” if you are 65 or older you have two choices, leave the company before year end and keep the already meager benefits or stay with the company and lose all the benefits.” I admire Mr Ackermann for accepting a potential responsibility and having the good sense of relinquishing his post. No one in the U S would had done anything similar
Agree. Mike foley has created a culture of nepotism and discrimination. Long term employes are despised and if you are not part of the “club” you are doomed. A bunch of “pretty boys” at the expense of the true workers
What else is new? That’s pretty much status quo as far as I’ve seen.
As much as I understand the pressure aspect, the other alternative is to quit your job and move on.
I am not sure it is fair to commit suicide and blame another person. We all know that these senior management positions at these large companies are stressful. Sort of big reward and big risk.
We have all seen several companies cut talented people because the overall performance of the company was disappointing whether it was their fault or not. Very few kill themselves.
Unless the “pressure” involved an accounting cover-up or other illegal activities. I doubt a CFO in his 50’s would kill himself because he lost an argument.
I thought this would have more likely happened at AIG versus Zurich.
Responding to insurance 102
AIG, at least the new AIG, is a much better place to work and prosper. Don’t trust the public pronouncements elicited by Zurich