Found in ''Undisclosed Close Relationship'' With Another Employee, Royal Bank of Canada Fires CFO
Royal Bank of Canada ousted its CFO after it was found out that she was allegedly involved in a personal relationship with with another employee.
- World News
- 2 min read
Ottawa: Canada's largest bank Royal Bank of Canada ousted its Chief Financial Officer Nadine Ahn after it was found out that she was allegedly involved in a personal relationship with another employee, the New York Post reported.
Ahn was working at the Bank since 1999 in several roles such as treasury, risk, investor relations and other financial roles. She was named as CFO in September 2021.
On April 5, in a press release the bank stated that it became aware of "allegations" against Ahn and conducted an investigation. It was uncovered that she violated its code of conduct by having "undisclosed close personal relationship with another employee that led to preferential treatment of the employee, including promotion and compensation increases.''
The code of conduct states: ''While we are all held to the high ethical standards set out in our Values and the Code, those of us who are people managers are accountable for leading by example'' including by ''being respectful, transparent and fair in all relationships''.
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Both the employees were cleared of any misconduct related to bank's finanacial statement. However, the bank said that even there was an absence of financial impropriety, the bank considered her conduct as violation of code of conduct.
Consequently, both the the employees had their employment terminated, the bank stated in a statement.
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According to reports by The Globe and Mail, the other employee is identified as 23-year veteran Ken Mason, a vice president and head of capital and term funding.
The bank has named Katherine Gibson as it senior vice president of finance and controller, an interim CFO while its searches for a permanent successor.
RBC in a statement said, “In her new role, Ms Gibson will bring a wide range of experience leading global teams and major strategic enterprise initiatives, including a deep understanding of business drivers and growth opportunities across several different areas of the bank.”