---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-292548"
form_type: "8-K"
ticker: null
cik: "0001393612"
company_name: "Discover Financial Services"
filed_at: "2023-12-11T23:59:59+00:00"
generated_at: "2026-06-07T14:48:48.781724+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-292548
- form_type: 8-K
- cik: 0001393612
- company_name: Discover Financial Services
- filed_at: 2023-12-11T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393612/000119312523292548/0001193125-23-292548-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393612/000119312523292548/d626255d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-292548
- JSON: https://secwatch.observer/filing/0001193125-23-292548.json
- Plain text: https://secwatch.observer/filing/0001193125-23-292548.txt

## Key facts
- Executive change
  John Owen departed as Interim Chief Executive Officer and President at Discover Financial Services.
  - Action: stepped down
  - Role: Interim Chief Executive Officer and President
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393612/000119312523292548/0001193125-23-292548-index.htm
- Executive change
  Michael G. Rhodes was appointed as Chief Executive Officer and President at Discover Financial Services.
  - Action: appointed
  - Role: Chief Executive Officer and President
  source text: appointed Michael G. Rhodes as Chief Executive Officer and President of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393612/000119312523292548/0001193125-23-292548-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.