Largest Canada Bank Fires Top Women Executive Over Undisclosed Relationship (image-facebook/RBC)

Royal Bank of Canada last week fired its Chief Financial Officer after the employer discovered a concealed relationship between the officer and another employee. The sacked officer Nadine Ahn has been in the position since September 2021.

The RBC has fired both Nadine Ahn and the co-worker with whom she had an “undisclosed” relationship, the bank press release read. The bank said it launched an investigation that found that she had violated the bank’s code of conduct by having an “undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases.”

Katherine Gibson was chosen as the interim CEO by the largest bank in Canada. Though there was an absence of financial impropriety, the bank has considered her action as a breach of its code of conduct.

“The investigation found no evidence of conduct by the former CFO or the other employee with respect to the bank’s previously issued financial statements, RBC’s strategy or its financial or business performance,” the bank statement read.

Ahn has earlier served as the head of investor relations at RBC before being appointed as the CFO.
Born in Toronto, Nadine Ahn has shown early promise in the field of business and commerce. She pursued her academic interests at the University of Toronto where she honed her skills.

Nadine Ahn was the first female CFO among Canada’s Big Six banks before which she served as the head of investor relations at RBC. As per the Bloomberg report, in the fiscal year 2023, she has earned C$4.1 million ($3 million) in direct compensation, including C$650,000 in salary and more than C$3.4 million in bonuses and stock awards.