(Bloomberg) -- Canaccord Genuity Group Inc. hired former Royal Bank of Canada executive Nadine Ahn as deputy chief financial officer, with plans to move her into the CFO role next year.
Ahn, who was fired as Royal Bank’s CFO in April, will take over from Canaccord’s current finance chief, Don MacFayden, after a transition period, the Canadian investment firm said in a statement Wednesday. MacFayden will continue in a leadership capacity within Canaccord’s US capital-markets business.
“She’s incredibly experienced and fits like a glove inside this organization,” Canaccord Chief Executive Officer Dan Daviau said of Ahn in an interview. “We’ve done an immense amount of diligence on her.”
Ahn, one of the most prominent female executives on Bay Street, with 25 years of experience at Royal Bank, is suing her former employer for wrongful dismissal after she was sacked over an undisclosed personal relationship with a colleague.
The lender and its former CFO have traded allegations in court filings. Ahn denied that her friendship with Ken Mason, a former employee in Royal Bank’s treasury department, was romantic, and the bank said it conducted an investigation through outside legal counsel that uncovered email and text correspondence showing it was an intimate relationship and that Ahn breached her obligations as CFO.
“She’s the most qualified candidate I could ever hire,” Daviau said. Canaccord began speaking with Ahn about the role during the summer, he said, and isn’t concerned about her dispute with Royal Bank. “We don’t see that impacting her ability to get the job done here.”
Canaccord has pursued growth in recent years through a series of acquisitions in its wealth-management business, and Daviau said Ahn would help the firm continue that strategy. He cited, in particular, her experience as a key player completing Royal Bank’s acquisition of HSBC Holdings Plc’s Canadian assets earlier this year.
“I look forward to bringing my experience to an organization that prioritizes innovation, entrepreneurial spirit and improving shareholder returns,” Ahn said in the statement.
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