Sept 12 (Askume) – Royal Bank of Canada (RY.TO) said on Thursday that interim finance chief Katherine Gibson will take over permanently, effective immediately.
Gibson has been the bank’s interim chief financial officer since April, following the dismissal of Nadine Ahn . She was fired after an RBC investigation found Nadine had an undisclosed close personal relationship with another senior executive, violating the bank’s code of conduct.
Ann denies all allegations and is suing the nation’s largest bank for nearly $50 million in damages, accusing her of wrongful termination and “gender-based stereotyping.”
The Royal Bank of Canada (RBC), which sued Ahn , said in April that its investigation found no evidence of wrongdoing by the former CFO or other employees with respect to the bank’s previously released financial statements and strategy or its business performance.
Gibson’s appointment comes as the bank reshuffles its top team and overhauls its reporting unit, absorbing HSBC’s 780,000 clients and $71 billion loan book.
During his two-year tenure at RBC, Gibson was involved in several key RBC businesses, including its wealth division, and held roles on the boards of its domestic and global divisions.
Late last month, RBC’s quarterly profit beat analysts’ expectations as it set aside a smaller amount than expected to protect itself from losses on bad loans.
The bank’s shares have risen about 25% so far this year. In comparison, rival Bank of Nova Scotia (BNS.TO) rose nearly 9%, while Toronto-Dominion Bank (TD.TO) fell 2.2%.
