- Royal Bank of Canada (TSX:RY) has appointed Katherine Gibson as its interim chief financial officer, effective immediately
- She succeeds Nadine Ahn, who was fired over an undisclosed relationship that the country’s biggest lender was recently made aware of
- No evidence of conduct by the former CFO or the other employee was found with respect to the bank’s previously issued financial statements, RBC’s strategy or its financial or business performance
- RBC stock opened trading at C$139.11 per share
Royal Bank of Canada (TSX:RY) has appointed Katherine Gibson as its interim chief financial officer, effective immediately.
She succeeds Nadine Ahn, who was fired over an undisclosed relationship that the country’s biggest lender was recently made aware of.
An internal review was immediately launched and with outside legal counsel engaged to investigate. The investigation found evidence that, in contravention of the RBC Code of Conduct, Ahn was in an undisclosed close personal relationship with another employee that led to preferential treatment of the employee including promotion and compensation increases.
However, no evidence of conduct by the former CFO or the other employee was found with respect to the bank’s previously issued financial statements, RBC’s strategy or its financial or business performance.
Having been with the bank for 22 years, most recently as SVP, finance and controller, Gibson is regarded by the bank as a trusted advisor with a strong analytical and governance mindset.
She will bring experience leading global teams and major strategic enterprise initiatives to the table, including a deep understanding of business drivers and growth opportunities across several different areas of the bank.
Royal Bank of Canada is one of the largest banks in the world, based on market capitalization and has a diversified business model. Its segments include personal and commercial banking, wealth management, insurance and capital markets.
RBC stock opened trading at C$139.11 per share and is up 4.23 per cent over the past month while it’s 6.76 per cent higher since this time last year.
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