Canaccord Genuity Group Appoints Nadine Ahn as Future CFO Amid Legal Dispute

Canaccord Genuity Group Inc. has announced the appointment of Nadine Ahn as its deputy chief financial officer, with plans for her to assume the role of chief financial officer (CFO) in the forthcoming year. The decision comes as part of a strategic transition, as the current CFO, Don MacFayden, is set to shift to a leadership role within the firm’s US capital-markets division. This was confirmed by the Canadian investment firm in a formal statement released on Wednesday.

Ahn, known as one of the most prominent female executives on Bay Street, possesses 25 years of experience with her former employer, Royal Bank of Canada. Her tenure ended in April following her dismissal from the CFO position, an event that has since led to a legal battle for wrongful termination. In the lawsuit, Ahn contests her dismissal was due to an alleged personal relationship with a colleague, Ken Mason, a former member of the bank’s treasury department. Ahn refuted the claims that the relationship was romantic, while Royal Bank asserts it has evidence from emails and text messages demonstrating an intimate connection, thereby arguing Ahn violated her professional obligations as CFO.

Dan Daviau, CEO of Canaccord Genuity Group, expressed confidence in Ahn’s capabilities, stating, “She’s incredibly experienced and fits like a glove inside this organization.” Daviau emphasized that the company has conducted extensive due diligence before hiring Ahn and is unfazed by her ongoing legal conflict with Royal Bank. “We don’t see that impacting her ability to get the job done here,” he affirmed.

Canaccord Genuity Group has been actively pursuing growth, particularly within its wealth-management sector, through various acquisitions. Daviau highlighted Ahn’s pivotal role in Royal Bank’s acquisition of HSBC Holdings Plc’s Canadian assets as a demonstration of her competence and experience. Her expertise is anticipated to be instrumental in advancing Canaccord’s strategic expansion initiatives.

In a statement, Ahn expressed enthusiasm about her new role, saying, “I look forward to bringing my experience to an organization that prioritizes innovation, entrepreneurial spirit, and improving shareholder returns.”