Royal Bank of Canada Terminates CFO Nadine Ahn Amid Misconduct Allegations- Check Details (Image Source: Getty Images And LinkedIn)
The Royal Bank of Canada (RBC) terminated its Chief Financial Officer, Nadine Ahn, with immediate effect. Ahn, who assumed the role of CFO in September 2021, faced allegations of misconduct related to breaching the bank’s code of conduct.
Accusations and Misconduct Claims On Nadine Ahn
According to a Reuters report, Ahn was accused of fostering an undisclosed close personal relationship with another employee, which allegedly led to preferential treatment including promotions and salary increases. Despite being cleared of any financial impropriety, the bank deemed Ahn’s actions as a violation of its code of conduct.
Interim CFO Appointment
Following Ahn’s dismissal, RBC swiftly appointed Katherine Gibson as the interim CFO. Gibson has over two decades of experience at RBC and previously served as the Senior Vice President of Finance & Controller. While Gibson takes on the interim role, the search for a permanent replacement for Ahn is underway.
In a statement released on Friday, RBC confirmed the termination of Ahn’s employment, as well as the other employee involved in the undisclosed relationship. The bank emphasized its commitment to upholding integrity and ethical standards within its workforce.
An investigation was initiated upon discovering the allegations, which subsequently cleared Ahn and the other employee of any misconduct related to the bank’s financial statements, strategy, or overall performance. However, Ahn’s failure to disclose the personal relationship resulted in her termination.
Previous Role Of Nadine Ahn
Ahn’s tenure at RBC marked her first female CFO among Canada’s Big Six banks. Before assuming the CFO role, Ahn served as the head of investor relations at RBC, where she played a pivotal role in shaping the bank’s communications with shareholders and stakeholders.
Most organizations have rules mandating employees to disclose any personal relationships at work to Human Resources. Failure to disclose such relationships often leads to scrutiny and investigation, this incident signifies transparency and adherence to company policies.
