Royal Bank of Canada fires chief financial officer Nadine Ang after an internal investigation found she had an undisclosed personal relationship with another employee that violated the bank’s code of conduct. did.
The investigation began after the bank learned of “suspects” against Mr. Ahn in March.
An RBC spokesperson told the Post that the company “immediately” engaged outside counsel to investigate.
It concluded that the relationship with the anonymous employee “led to preferential treatment for the employee, including promotions and increased compensation.”
The bank said its investigation found no evidence of wrongdoing by the former CFO or other employees with respect to the bank’s previously issued financial statements, RBC’s strategy, or its finances or results.
However, as a result, both employees had their employment terminated on April 5, RBC noted in the article. statement Published Friday evening.
According to Anne’s LinkedIn profile, she began her 12-year tenure at RBC as a senior manager and was later promoted to managing director, vice president, and senior vice president.
She joined the Toronto-based bank as an executive in 2021. She was reportedly taking home about $3 million in annual compensation by 2023, including more than $475,000 in salary and more than $2.5 million in bonuses and stock awards. bloomberg.
Mr. Ahn’s annual income last year increased by 25% compared to the previous year.
According to Royal Bank Annual proxy circular According to the law, issued earlier this month, executives who are fired for cause are not liable for severance pay. Employees may also be required to forfeit their bonuses.
It was not immediately clear whether Mr. Ang would have to pay back his high income from 2023.
“As a matter of policy, we do not comment on specific matters relating to individual employees, past or present,” an RBC spokesperson said in a statement to the Post.
Meanwhile, long-time RBC staffer Katherine Gibson has been named interim CFO while RBC searches for a permanent replacement.
Mr. Gibson has been with RBC for more than 20 years and has held several senior positions during his tenure, including his most recent role as senior vice president of finance and administration.
Comes with post wire.
