Digital bank and payments services company Discover Financial Services appointed Michael Rhodes as chief executive officer, effective on or before March 6, 2024, on Monday. He will also serve as president of Discover Bank and will be appointed to its board, effective the same date.
John Owen took over as interim chief executive after Roger Hochschild stepped down from his role as CEO and from the board, on August 14. The company said Owen will continue in this capacity until Rhodes officially takes over his role at Discover.
Hochschild has worked with DFS for about 25 years and agreed to continue with the firm as an advisor through the end of 2023 to ensure a smooth transition.
Rhodes, most recently, was a group head of Canadian Personal Banking at TD Bank Group. He started working with TD in 2011, to lead the North American Credit Card and Merchant Services business. He brought deep expertise in the financial services industry and he has also held senior leadership positions at companies such as Bank of America and MBNA America Bank.
Tom Maheras, chair of the board at Discover said, “Michael’s appointment follows a comprehensive search process to identify the right leader to help the company deliver on its strategic and financial goals.”
The newly appointed CEO said, “Throughout my career I’ve developed a clear understanding of what it takes to deliver a great customer experience at every touch point, and I am confident that with the company’s strong foundation and employee-base, Discover is well-positioned to capitalize on the market opportunities ahead.”
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