Royal Bank Of Canada Fires CFO Due To Undisclosed Relationship With Colleague; Here's Her Salary

The largest bank in Canada, the Royal Bank of Canada, terminated its Chief Financial Officer Nadine Ahn after conducting an investigation into a reported personal relationship she had with another employee, as per the New York Post.

According to a bank statement reported by Reuters on April 9, RBC initiated an investigation after becoming aware of "allegations" against Ahn. The investigation uncovered that she had a previously undisclosed close personal relationship with another employee, resulting in preferential treatment for the employee, including promotion and compensation increases.

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The report further stated that as a consequence of the investigation's findings, both Nadine Ahn and the other employee implicated have been terminated from their positions at the bank.

No Evidence Of Work-Related Misconduct By Nadine Ahn Or The Employee In Question Was Found In The Investigation.

The investigation did not uncover any evidence of misconduct by the former CFO or the other employee related to RBC's previously issued financial statements, its strategy, or its financial and business performance.

Royal Bank Of Canada Has Appointed A New CFO

Royal Bank of Canada has announced the appointment of Katherine Gibson as interim Chief Financial Officer, effective immediately, following the departure of Nadine Ahn.

Nadine Ahn¡¯s Association With Royal Bank Of Canada

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Before becoming the Chief Financial Officer in September 2021, Nadine Ahn served as the head of investor relations at RBC.

Ahn began her career at the Royal Bank of Canada in 2002 as a senior manager for funds transfer pricing and corporate treasury. Over the years, she held various positions within the bank, steadily advancing her career. In 2021, she made history as the first female Chief Financial Officer at RBC, a position she held after serving as the senior vice president of wholesale finance and investor relations for five years.

Ahn was reportedly being groomed as a potential successor to chief executive Dave McKay. Had she ascended to this role, she would have made history as the first female CEO of a major bank in Canada.

Nadine Ahn¡¯s Salary

According to Bloomberg, her direct pay in the fiscal year 2023 amounted to Rs 24 Crore including Rs 3.9 crore in bonuses and stock awards.