Josef Ackermann resigned yesterday from all his functions as a board member with immediate effect.

Ackermann, previously chairman of the group executive committee and later the management board at Deutsche Bank, became chairman at Zurich in 2012.

Wauthier was found dead in his flat in Zug, near Zurich, on Monday morning and the police are treating his death as suicide.

Ackermann said the family of Wauthier believed he shared some of the blame for Wauthier’s death.

He said:”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.

“As a consequence, I see the possibility of a continued successful board leadership to the benefit of Zurich called into question. To avoid any damage to Zurich’s reputation, I have decided to resign from all my board functions with immediate effect.”

Vice-chairman of the board Tom de Swaan will assume the role of acting chairman. He added: “Working with the board and management, I am determined to lead Zurich’s continued success.”