Royal Bank of Canada has said it appointed Katherine Gibson as interim Chief Financial Officer, effective immediately, following the departure of Nadine Ahn.
Reuters, quoting a bank announcement, reported on April 9 that RBC became aware of “allegations” against Ahn and launched an investigation that revealed she had an “undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases”.
As a result of the findings, both Ahn and the other employee involved have had their employment terminated with the bank, the report added.
The investigation, however, found no evidence of misconduct by the former CFO or the other employee in regard to RBC’s previously issued financial statements, its strategy, or its financial and business performance.
Meanwhile, the RBC has appointed Katherine Gibson as the interim Chief Financial Officer, effective immediately, to fill the void left by Ahn’s departure.
Ahn was previously the head of investor relations at RBC before being appointed as the Chief Financial Officer in September 2021.
The bank’s investigation found that Ahn had an “undisclosed close personal relationship with another employee” which led to preferential treatment in terms of promotion and compensation.
RBC’s investigation determined that Ahn’s actions violated the bank’s code of conduct, leading to the termination of her employment.
The investigation did not find any evidence of misconduct by Ahn or the other employee in relation to RBC’s financial statements, strategy, or performance.
The bank has appointed Katherine Gibson as the interim Chief Financial Officer to take over Ahn’s responsibilities until a permanent replacement is found.
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