The Royal Bank of Canada fired its Chief Financial Officer Nadine Ahn after an internal probe revealed that she was in an undisclosed personal relationship with another employee that violated the bank’s code of conduct.
The investigation was launched after the bank became aware of “allegations” against Ahn in March.
An RBC spokesperson told The Post that the company “immediately” tapped outside legal counsel to investigate.
It was concluded that her relationship with a staffer — who remains anonymous — “led to preferential treatment of the employee including promotion and compensation increases.”
The investigation found no evidence of misconduct by the former CFO or the other employee in regards to the bank’s previously issued financial statements, RBC’s strategy or its financial or business performance, the bank said.
Both employees, however, had their employment terminated as a result on April 5, RBC noted in its statement issued Friday evening.
According to Ahn’s LinkedIn profile, she began her 12-year tenure at RBC as a senior manager, before being promoted to managing director, then vice president and senior vice president.
She entered the Toronto-based bank’s C-suite in 2021. By 2023, she was bringing home roughly $3 million a year in annual compensation, including more than $475,000 in salary and upwards of $2.5 million in bonuses and stock awards, according to Bloomberg.
Ahn’s annual earnings last year were up 25% from the year prior.
Per the Royal Bank’s annual proxy circular issued earlier this month, top executives who are fired for cause aren’t owed severance. The employee could also be asked for forfeit bonus awards.
It wasn’t immediately clear if Ahn had to give back any of her hefty earnings from 2023.
A spokesperson fro RBC said in a statement to The Post: “As a matter of policy, we do not comment on specific matters relating to individual employees, past or present.”
Meanwhile, longtime RBC staffer Katherine Gibson was named interim CFO while the bank searches for a permanent replacement.
Gibson, who’s been with RBC for more than two decades, has held multiple senior positions during her tenure, including her most recent role as senior vice president of finance and controller.
With Post wires.
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