Katherine Gibson steps into permanent role amid ongoing leadership restructuring
The Royal Bank of Canada (RBC) announced that Katherine Gibson (pictured), who has been serving as interim chief financial officer since April, will now officially take on the role permanently.
Gibson's appointment comes after the termination of her predecessor, Nadine Ahn, following an internal investigation that led to her dismissal.
Ahn was removed from her position after RBC's investigation alleged she was in an undisclosed close personal relationship with another executive, which breached the bank's code of conduct.
Ahn has denied all allegations and filed a lawsuit against RBC, seeking nearly $50 million for wrongful termination and "gender-based stereotyping."
The bank has countersued but noted in April that its investigation found no evidence of misconduct related to RBC’s financial statements, business strategy, or performance.
Read more: Ex-RBC CFO says she had chance of CEO job before firing
Gibson's permanent appointment follows significant changes at RBC, including shifts in its leadership and restructuring of its reporting segments. The bank is also in the process of integrating HSBC’s Canadian operations, which brings 780,000 clients and a $71 billion loan portfolio under RBC’s umbrella.
Before stepping in as interim CFO, Gibson held the role of senior vice president of enterprise finance and controller, overseeing all head office finance functions, including external, board, and management reporting, as well as accounting policy and financial management systems. Her tenure at RBC spans 22 years, during which she has held key leadership positions across various divisions, including wealth management and investor services.
Gibson has also served on the boards of some of RBC’s domestic and international subsidiaries and has chaired the bank’s ESG Disclosure Committee. Additionally, she was a member of the Enterprise Diversity Leadership Council.
As RBC navigates these internal changes, it continues to show strong financial performance. Last month, the bank reported better-than-expected quarterly profits, setting aside less money than anticipated to cover potential losses from bad loans. RBC’s stock has surged by roughly 25% this year, outperforming competitors like Bank of Nova Scotia and Toronto-Dominion Bank.
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