Royal Bank of Canada Appoints Interim Chief Financial Officer Amid Allegations and Investigation

Following the departure of Nadine Ahn, Royal Bank of Canada has announced the appointment of Katherine Gibson as the interim chief financial officer, effective immediately. This decision comes in the wake of allegations against Ahn, which led to an investigation by the bank.

The bank became aware of allegations against Ahn and promptly initiated an investigation. The investigation unveiled that Ahn had violated the bank's code of conduct by engaging in an undisclosed close personal relationship with another employee. This relationship resulted in preferential treatment, including promotion and compensation increases for the employee in question. Consequently, both employees had their employment terminated, as stated by the bank in a formal announcement.

No Evidence of Misconduct in Financial Matters

Despite the aforementioned findings, the bank clarified that there was no evidence of misconduct by the former CFO or the other employee concerning the bank's previously issued financial statements, RBC's strategy, or its financial or business performance.

Ahn, who was previously the head of investor relations at RBC, took on the role of CFO in September 2021 and could not be reached for immediate comment regarding these developments.