The Royal Bank of Canada (RBC), the largest bank in the country, has terminated its Chief Financial Officer (CFO), Nadine Ahn, following an investigation into an alleged personal relationship she had with another employee. The New York Post reported that Ms. Ahn, who had been with RBC since 1999 and held various financial roles, including CFO since September 2021, was dismissed after the investigation found that she had violated the bank’s code of conduct.
Investigation into Allegations and Code of Conduct Violation
On April 5, RBC released a statement acknowledging the existence of “allegations” against Ms. Ahn and confirming that an investigation had been initiated. The investigation revealed that she had an undisclosed close personal relationship with the other employee, leading to preferential treatment, including promotion and compensation increases. Although the investigation cleared both employees of any financial impropriety related to the bank’s financial statements, it concluded that Ms. Ahn’s actions constituted a breach of the bank’s code of conduct.
Termination of Employment and Interim CFO Appointment
As a result of the code of conduct violation, both Ms. 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. RBC emphasized that the termination was not related to financial misconduct.
To fill the vacant CFO position, RBC appointed Katherine Gibson, who currently serves as the senior vice president of finance and controller, as the interim CFO. The bank stated that Ms. Gibson brings a wealth of experience in leading global teams and major strategic enterprise initiatives. RBC also highlighted her deep understanding of business drivers and growth opportunities across various areas of the bank.
Great!!!
Code of Conduct violation dismissed both legally…good approach towards authenticity & credibility of RBC…
In my opinion that no employee should be terminated if he/she has relation with other outsider. But in this matter both are in same Bank / organisation so looking to the future aspect, termination of both are genuine.
The investigation revealed that she had an undisclosed close personal relationship with the other employee, leading to preferential treatment, including promotion and compensation increases. Although the investigation cleared both employees of any financial impropriety related to the bank’s financial statements, it concluded that Ms. Ahn’s actions constituted a breach of the bank’s code of conduct.