RBC fires CFO after personal relationship probe
ROYAL Bank of Canada (RBC) last Friday fired its Chief Financial Officer (CFO) Nadine Ahn after an internal investigation uncovered that she was in an undisclosed relationship with another employee, in breach of the bank’s code of conduct.
According to RBC, Ahn’s relationship with the employee “led to preferential treatment of the employee, including promotion and compensation increases”.
As a result, both individuals were terminated with immediate effect.
The bank said it launched an internal review and engaged outside legal counsel to investigate after it was recently made aware of the allegations involving Ahn.
“The investigation found no evidence of conduct by the former CFO or the other employee with respect to the bank’s previously issued financial statements, RBC’s strategy, or its financial or business performance,” the bank said in a news release.
Ahn has been replaced by Katherine Gibson as interim CFO while a search is conducted, the bank said in a news release.
It said that Gibson, “is a respected and experienced leader who has been with the bank for 22 years, most recently as senior vice-president, finance and controller, and is widely considered a trusted advisor with a strong analytical and governance mindset”.
“In her new role, Gibson will bring a wide range of experience leading global teams and major strategic enterprise initiatives, including a deep understanding of business drivers and growth opportunities across several different areas of the bank,” RBC said.