Royal Bank of Canada (RBC) Fires CFO Over Alleged Undisclosed Relationship, Names Interim Replacement
In a recent development, Royal Bank of Canada (RBC), the country’s largest bank, has terminated its Chief Financial Officer Nadine Ahn over allegations of having an undisclosed close personal relationship with another employee. The New York Post reported on the incident, highlighting Ahn’s dismissal following an internal investigation into the matter.
In a recent development, Royal Bank of Canada (RBC), the country’s largest bank, has terminated its Chief Financial Officer Nadine Ahn over allegations of having an undisclosed close personal relationship with another employee. The New York Post reported on the incident, highlighting Ahn’s dismissal following an internal investigation into the matter.
Ahn, who had been with RBC since 1999 and held various financial roles before becoming CFO in September 2021, allegedly violated the bank’s code of conduct by favoring the employee involved in the personal relationship. This preferential treatment reportedly included promotions and compensation increases for the said employee.
While the investigation cleared both individuals of financial misconduct related to the bank’s financial statements, RBC considered Ahn’s actions a breach of its code of conduct. Consequently, both Ahn and the other employee, identified as Ken Mason, a vice president and head of capital and term funding with 23 years of experience at RBC, had their employment terminated.
In response to these events, RBC appointed Katherine Gibson, its senior vice president of finance and controller, as the interim CFO. The bank expressed confidence in Gibson’s capabilities, citing her extensive experience in leading global teams and strategic initiatives across different areas of the bank.
RBC emphasized its commitment to upholding high ethical standards and transparency in all relationships, especially among its leadership team. The incident underscores the importance of adherence to corporate codes of conduct and the consequences of breaching such standards, even in the absence of financial impropriety.
As RBC moves forward, it continues its search for a permanent successor to the CFO position, aiming to maintain stability and integrity in its financial leadership.
Sources By Agencies
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