The abrupt resignation of Zurich Insurance Group Ltd.'s chairman following the suicide of the company's chief financial officer puts pressure on the company's leadership and requires short- and long-term crisis management.

To minimize the adverse effect of the events on the company, Zurich needs to clarify the relationship between former CFO Pierre Wauthier, who took his own life in August, and former Chairman Josef Ackermann, said Larry Walsh, vice chairman at the Alexandria, Va.-based strategic communications group Hawthorn Group L.C.

Zurich has acknowledged that Mr. Ackermann was named in Mr. Wauthier's suicide note, and Mr. Ackermann cited it as a reason in his resignation letter.

“The resignation raises more questions than it answers,” Mr. Walsh said. “It looks abrupt and unplanned.”

In a conference call with analysts, Zurich Acting Chairman Tom de Swaan refused to comment on the content of the suicide note.

“We have accepted the resignation of Joe Ackermann as chairman of the Board,” Mr. de Swaan said. “It was his decision based on his own personal reasons, and I do not want to speculate on those.”

While he said he was not aware of any behavior on the part of Mr. Ackermann that would be considered inappropriate, published reports detailed “heated exchanges” and “long-simmering friction” between Messrs. Wauthier, 53, and Ackermann, 65, over how to explain the company's recent financial results.

Mr. Walsh said the company needs to provide a more complete explanation.

“You cannot speak to what motivated the CFO, but you have to talk about what prompted your chairman to resign,” Mr. Walsh said. “What the family thinks of his role doesn't go away just because he walks out the door.”

Yet, during the conference call, Zurich CEO Martin Senn sought to push back on the perceived connection between the suicide and the insurer's business and financial performance.

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In August, Zurich reported a 27% drop in first-half net income after incurring heavy natural catastrophe-related losses due to severe flooding in Europe and tornadoes in North America.

“While the results were somewhat mixed, we continue to be very profitable and we continue to generate healthy cash flows,” Mr. Senn said during the conference call. “We have a strong and resilient balance sheet.”

Nonetheless, Mr. de Swaan said the company would investigate the working relationship between Messrs. Wauthier and Ackermann.

“The board sees it as a prime responsibility to look at whether there was undue pressure on our CFO,” he said.

Competent short-term crisis management mixed with a clearly articulated strategic vision for the long term is imperative for Zurich to mollify investors and internal stakeholders, said an executive familiar with the company speaking on condition of anonymity.

“When bad things happen, leaders have to step to the microphone and say, 'I'm in charge, here's the plan and everything will be OK,'” he said. “This is a situation that necessitates leadership and stability.”

Mr. Senn said an ongoing strategic reassessment will be reported during the company's investor day in December.

“Our strategy remained unchanged by recent events,” Mr. Senn said.

Yet some remain unsure of the company's strategic direction and the board's ability to help senior management chart a course.

Andrew Barile, Savannah, Ga.-based CEO of insurance consultancy Andrew Barile Consulting Corp., cited a lack of insurance industry experience among directors on the company's board.

“The board is really undermanned when it comes to understanding the insurance industry,” Mr. Barile said. “It's mostly bankers.”