Royal Bank of Canada (RBC) has announced the termination of Chief Financial Officer Nadine Ahn following an internal investigation into allegations of a personal relationship with another employee.
In a statement released on Friday evening, RBC disclosed that it had received reports concerning Ahn’s conduct and promptly initiated an internal review. The bank also engaged external legal counsel to conduct a thorough investigation into the matter.
According to RBC’s findings, Ahn was involved in an undisclosed close personal relationship with another employee, who allegedly received preferential treatment, including promotions and compensation increases. These actions were deemed to be in violation of the bank’s code of conduct.
As a result of the investigation, both Ahn and the other employee implicated in the relationship have been terminated.
RBC emphasized that the investigation uncovered no evidence indicating that the conduct of either individual had any impact on the bank’s previously issued financial statements, strategic direction, or financial and business performance.
In light of Ahn’s termination, Katherine Gibson, who previously served as RBC’s Senior Vice President of Finance and Controller, has been appointed as interim Chief Financial Officer with immediate effect. The bank has also initiated a search for a permanent successor to the CFO position.