{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-078783","form_type":"8-K","ticker":null,"cik":"0001393612","company_name":"Discover Financial Services","filed_at":"2024-03-27T23:59:59+00:00","discovered_at":"2026-05-14T18:03:24.042583+00:00","generated_at":"2026-06-04T07:02:54.937359+00:00","sec_items":["5.02","9.01"],"event_type":"leadership","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"CEO Michael Rhodes resigns effective April 1; J. Michael Shepherd named Interim CEO","bullets":["Michael Rhodes resigns as CEO and President effective April 1, 2024, to become CEO of Ally Financial.","Rhodes will serve as advisor through April 12; forfeits unvested equity and repays $843,500 in awards; no severance.","J. Michael Shepherd appointed Interim CEO and President, effective April 1, with base salary of $1.25M and $5.75M RSU award.","Shepherd's RSU vests upon merger close with Capital One or one-year anniversary; he remains on the board.","Resignation and interim appointment linked to Discover's pending merger with Capital One (announced Feb 19, 2024)."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-078783","json":"https://secwatch.observer/filing/0001193125-24-078783.json","markdown":"https://secwatch.observer/filing/0001193125-24-078783.md","text":"https://secwatch.observer/filing/0001193125-24-078783.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/0001193125-24-078783-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/d814436d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T07:02:54.937359+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"13213de311","claim":"J. Michael Shepherd was appointed as Interim Chief Executive Officer and President at Discover Financial Services.","evidence_excerpt":"On March 26, 2024, the Board appointed J. Michael Shepherd as Interim Chief Executive Officer and President of the Company and as Interim President of the Bank, effective April 1, 2024.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/0001193125-24-078783-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Interim Chief Executive Officer and President"}],"fact_type":"executive_change"},{"claim_id":"6de5d59074","claim":"Michael G. Rhodes resigned as Chief Executive Officer and President at Discover Financial Services.","evidence_excerpt":"On March 26, 2024, the Board of Directors (the “ Board ”) of Discover Financial Services (the “ Company ”) accepted the resignation of Michael G. Rhodes from his positions as Chief Executive Officer and President of the Company, a member of the Board and a director and officer of Discover Bank (the “ Bank ”), each effective April 1, 2024 (the “ Effective Date ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/0001193125-24-078783-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Chief Executive Officer and President"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}