---
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"
generated_at: "2026-06-04T07:02:54.937359+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# CEO Michael Rhodes resigns effective April 1; J. Michael Shepherd named Interim CEO

## Summary
- 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).

## SEC filing metadata
- accession: 0001193125-24-078783
- form_type: 8-K
- cik: 0001393612
- company_name: Discover Financial Services
- filed_at: 2024-03-27T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-078783
- JSON: https://secwatch.observer/filing/0001193125-24-078783.json
- Plain text: https://secwatch.observer/filing/0001193125-24-078783.txt

## Key facts
- Executive change
  J. Michael Shepherd was appointed as Interim Chief Executive Officer and President at Discover Financial Services.
  - Action: appointed
  - Role: Interim Chief Executive Officer and President
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/0001193125-24-078783-index.htm
- Executive change
  Michael G. Rhodes resigned as Chief Executive Officer and President at Discover Financial Services.
  - Action: resigned
  - Role: Chief Executive Officer and President
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/0001193125-24-078783-index.htm

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