secwatch.observer — SEC 8-K summary
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Issuer:     Discover Financial Services (—)
CIK:        0001393612
Form:       8-K
Filed at:   2024-03-27T23:59:59+00:00
Accession:  0001193125-24-078783
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/0001193125-24-078783-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1393612/000119312524078783/d814436d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-078783

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