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Who is Nadine Ahn? Exploring Royal Bank of Canada CFO's dismissal over 'undisclosed relationship’
Nadine Ahn was fired as Chief Financial Officer (CFO) of the Royal Bank of Canada (RBC) due to an 'undisclosed relationship'. Let's take closer look at Nadine Ahn and circumstances of her dismissal.
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Nadine Ahn, former CFO at Royal Bank of Canada, dismissed over 'undisclosed relationship'
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Allegations of misconduct arose regarding an undisclosed personal relationship with another employee
Allegations of misconduct led to the recent dismissal of Nadine Ahn, the former Chief Financial Officer (CFO) at the Royal Bank of Canada (RBC), as per CBC. Ahn is currently under scrutiny as concerns about her professional journey and the reasons behind her exit from one of Canada's top financial institutions surface.
Historic appointments and responsibilities
Toronto native Nadine Ahn advanced through the ranks of RBC, hitting several milestones along the way. After completing her studies in business and commerce at the University of Toronto, Ahn strengthened her qualifications by earning a certificate from the Chartered Professional Accountants of Canada. She started working at RBC in 2002 as a senior manager for corporate treasury and funds transfer pricing.
Ahn's rise through the ranks of RBC culminated in a historic appointment in 2021 when she was named the bank's first female chief financial officer. Ahn worked for five years as the senior vice president of investor relations and wholesale finance before taking on the position of CFO.
Ahn had tremendous influence because she was the CFO and was in charge of finance, investor relations, taxation, performance management, and corporate development. In addition, she oversaw the Asset-Liability Committee and worked closely with senior management to determine RBC's strategic course.
Allegations and dismissal
Ahn's time as CFO, however, came to an abrupt end when she was fired on Friday due to allegations of misconduct. It was claimed that Ahn's undisclosed personal relationship with another employee was a violation of the bank's code of conduct.
The bank voiced concerns that preferential treatment, like promotions and pay raises, might result from this relationship. Ahn was found to have violated the code of conduct sufficiently to be fired, even though she and the other employee were found not to have committed any wrongdoing pertaining to the bank's financial performance.
Ahn's firing has an impact outside of RBC because it was claimed that she was being developed to be Dave McKay's chief executive. As the first female CEO of a major Canadian bank, she would have broken down barriers if she had succeeded in this position.
Ahn's financial situation was also notable; according to Bloomberg, she received C$4.1 million ($3 million) in direct pay in the fiscal year 2023, which included a sizeable bonus, stock awards, and salary.
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