Discover Financial appoints Michael G. Rhodes as CEO, effective March 2024

Discover Financial Services

Rhodes, formerly TD Bank Group head, will become CEO and President on or before March 6, 2024.
He succeeds interim CEO John Owen, who will continue until then and remain on the board.
Compensation includes $1M base salary, 200% STI target, $7M LTI target, plus make-whole and transition awards totaling $9.35M.
Rhodes brings over 25 years of consumer banking and payments experience.

item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed (interim)

John Owen

Interim Chief Executive Officer and President

Discover Financial Services

Effective: 2024-03-06
Successor: Michael G. Rhodes
Filed: December 11, 2023, 6:59 PM ET

Mr. Owen, who has been serving as Interim Chief Executive Officer and President since August 14, 2023, will continue to serve as a director of each of the Company and the Bank as of the Effective Date.

Appointed

Michael G. Rhodes

Chief Executive Officer and President

Discover Financial Services

Effective: 2024-03-06
Filed: December 11, 2023, 6:59 PM ET

appointed Michael G. Rhodes as Chief Executive Officer and President of the Company

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

John Owen departed as Interim Chief Executive Officer and President at Discover Financial Services.

Action: stepped down
Role: Interim Chief Executive Officer and President

Exact text from the filing

Mr. Owen, who has been serving as Interim Chief Executive Officer and President since August 14, 2023, will continue to serve as a director of each of the Company and the Bank as of the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael G. Rhodes was appointed as Chief Executive Officer and President at Discover Financial Services.

Action: appointed
Role: Chief Executive Officer and President

Exact text from the filing

appointed Michael G. Rhodes as Chief Executive Officer and President of the Company

View on SEC.gov

Source: SEC EDGAR

accession 0001193125-23-292548

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