Royal Bank of Canada RY-T has named Katherine Gibson as its new chief financial officer, filling the hole created by the surprise termination of its previous CFO this spring.
A 22-year veteran of the bank, Ms. Gibson has served as interim CFO since April and will assume the role on a permanent basis, effectively immediately.
Ms. Gibson was initially elevated to interim CFO after RBC parted ways with former CFO Nadine Ahn. After an internal investigation, RBC alleged Ms. Ahn had an undisclosed personal relationship with a colleague that led to preferential treatment.
Before she was promoted on an interim basis this spring, Ms. Gibson was a senior vice-president who had responsibility for head office finance, which included external, board and management reporting.
In a statement, RBC chief executive Dave McKay called Ms. Gibson an “outstanding senior executive with global financial insights and leadership capabilities,” adding that she “emerged as the clear top candidate after an international search, reinforcing the strength of talent at RBC.”
While the CFO role has now been filled, RBC remains locked in a legal battle with Ms. Ahn, who is suing the bank for $50-million for wrongful termination and reputational harm. In its defence, RBC released text messages and offered examples of pay raises that were given to the man Ms. Ahn allegedly had a relationship with after she became CFO. The bank has also countersued.