Synopsis: "RBC dismisses CFO Nadine Ahn due to code of conduct breach, appoints Katherine Gibson interim replacement; no financial misconduct found."
The Royal Bank of Canada (RBC) has ended the tenure of its Chief Financial Officer, Nadine Ahn, following an internal inquiry revealing breaches of the bank's code of conduct.
According to a report from Newswire Reuters on April 9, RBC initiated an investigation upon learning of allegations against Ahn. The probe uncovered an undisclosed intimate relationship between Ahn and another employee, resulting in favoritism toward the latter in terms of promotions and compensation increases.
Consequently, both Ahn and the implicated employee have been dismissed from their positions within the bank.
However, the investigation determined no misconduct concerning RBC's financial statements, strategy, or overall performance by Ahn or the other party involved.
In light of Ahn's departure, Katherine Gibson has been appointed as the interim Chief Financial Officer with immediate effect, assuming Ahn's duties until a permanent successor is named.
Here are key insights regarding Nadine Ahn:
1. Background: Ahn previously served as the head of investor relations at RBC before assuming the role of Chief Financial Officer in September 2021.
2. Allegations: The investigation found that Ahn maintained an undisclosed intimate relationship with another employee, resulting in preferential treatment regarding promotions and compensation.
3. Violation of Code of Conduct: Ahn's actions were deemed to contravene RBC's code of conduct, leading to her termination.
4. No Financial Misconduct: The investigation concluded that neither Ahn nor the other employee engaged in any financial misconduct pertaining to RBC's financial statements, strategy, or performance.
5. Interim Replacement: Katherine Gibson has been appointed as interim Chief Financial Officer to fulfill Ahn's duties until a permanent replacement is identified.
