Royal Bank of Canada Fires CFO Over Undisclosed Relationship

By Reuters
April 6, 2024Canada
Royal Bank of Canada Fires CFO Over Undisclosed Relationship
A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. (REUTERS/Mark Blinch)

Royal Bank of Canada on Friday said it appointed Katherine Gibson as interim Chief Financial Officer, effective immediately, following the departure of Nadine Ahn.

The bank said it became aware of “allegations” against Ahn and launched an investigation that found she violated the bank’s code of conduct by having an “undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases.”

Both employees had their employment terminated as a result, the bank said in a statement.

Ahn could not immediately be reached for comment.

The investigation found no evidence of misconduct by the former CFO or the other employee in regards to the bank’s previously issued financial statements, RBC’s strategy, or its financial or business performance, the bank added.

Ahn was previously the head of investor relations at RBC, before being appointed the CFO in September 2021.

By Surbhi Misra

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