Schaefer, 54, was found dead near a railway track on Saturday. The Wiesbaden prosecution’s office said they believe he died by suicide.
“We are in shock, we are in disbelief and above all we are immensely sad,” Bouffier said in a recorded statement.
Hesse is home to Germany’s financial capital Frankfurt, where major lenders like Deutsche Bank and Commerzbank have their headquarters. The European Central Bank is also located in Frankfurt.
A visibly shaken Mr Bouffier recalled that Mr Schaefer, who was Hesse’s finance chief for 10 years, had been working “day and night” to help companies and workers deal with the economic impact of the pandemic.
“Today, we have to assume that he was deeply worried,” said Mr Bouffier, a close ally of Chancellor Angela Merkel.
Popular and well-respected, Mr Schaefer had long been touted as a possible successor to Mr Bouffier.
Like Mr Bouffier, Mr Schaefer belonged to Dr Merkel’s centre-right CDU party.
He leaves behind a wife and two children.
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