Josef Ackermann, one of the most famous businessmen in Europe, has resigned as chairman of Zurich Insurance under highly unusual circumstances. The move was connected to the apparent suicide of the company’s chief financial officer, Pierre Wauthier.

“The unexpected death of Pierre Wauthier has deeply shocked me,” Ackermann said in a statement. “I have reason to believe that the family is of the opinion that I should take my share of responsibility, as unfounded as any allegations might be.”

Reporter Jo Fahy has the latest on the story from Zurich.