- The decision to fire Nadine Ahn follows an internal investigation into a relationship she had with a colleague.
- Ahn was appointed to her former role at Canada’s largest bank in 2021, making her the only female CFO at one of the country’s big six banks at the time.
The Royal Bank of Canada has fired its chief financial officer after she failed to disclose a personal relationship with a colleague who allegedly received promotions and raises through the connection.
Nadine Ahn’s job was terminated on Friday, along with that of the person she was in a relationship with, although their identities were not revealed.
Canada’s largest bank paid Ahn some US$3 million in the 2023 financial year, a figure that represents a 25% salary increase from the previous year.
At the time she was appointed in 2021 to her former position, Ahn was the only female CFO at one of Canada’s big six banks.
Nadine Ahn (pictured) was fired from her role as RBC’s chief financial officer on Friday after an investigation into an undisclosed personal relationship she had with a colleague.
The identity of the colleague has not been revealed, although they were fired alongside Ahn after receiving preferential treatment including promotions and pay rises due to their relationship.
RBC said it became aware of “allegations” against Ahn, leading to an investigation that found she violated the bank’s code of conduct by engaging in a “close, undisclosed personal relationship with another employee, which led to preferential treatment of the employee, including promotion and compensation. increase.
The bank conducted an internal review and retained legal counsel.
The institution added that there was no evidence of any type of financial misconduct identified during the investigation.
Before being named CFO, Ahn, who is in her early 50s, was responsible for wholesale financing investor relations at RBC.
She first joined the bank in 1999 and held various financial roles before being appointed chief financial officer.
According to RBC’s official annual statement to its investors, if a senior executive at the bank were to be terminated for cause, they would not receive a severance package and the employee could also forfeit other bonuses.
The bank has appointed Katherine Gibson as interim chief financial officer, while the search for a replacement is underway.
Gibson has been with RBC for two decades and most recently served as Senior Vice President, Finance and Controller, a role that included overseeing the board’s reporting process and managing accounting policies and financial management systems form the bank.
Katherine Gibson named interim CFO as search begins for replacement
The Sunday Times reports that it is much rarer for an influential female leader to lose her job over an undisclosed relationship than for male leaders to suffer the same fate.
Last year, former BP CEO Bernard Looney was fired for failing to disclose personal relationships he had with employees.
The oil giant managed to recover some $40 million in compensation from Looney, after concluding that he knowingly misled the board about several personal relationships with colleagues.
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