Discover Financial Services announced that the Company’s Board of Directors (the “Board”) has appointed Michael G. Rhodes Chief Executive Officer and President, effective on or before March 6, 2024, at which time he will be appointed to the Company’s Board of Directors. He will also serve as President of Discover Bank and will be appointed to the Discover Bank Board of Directors, effective the same date.
John Owen, who has been serving as interim Chief Executive Officer and President of the Company and interim President of Discover Bank since August 14, 2023, will continue in this capacity until Mr. Rhodes officially joins Discover, after which Mr. Owen will continue to serve as a member of the Company’s Board of Directors and the Discover Bank Board of Directors.
Mr. Rhodes is an accomplished financial industry executive bringing more than 25 years of experience to Discover. He most recently was the Group Head, Canadian Personal Banking at TD Bank Group. In that role Mr. Rhodes was responsible for a retail product division that served customers through a network of more than 1,000 branches, telephone support, and award-winning online and mobile capabilities. Since joining TD in 2011 to lead the North American Credit Card and Merchant Services business, Mr. Rhodes has also served as the Group Head, Innovation, Technology and Shared Services from 2017 to 2021. He brings deep expertise in the financial services industry and his prior roles include senior leadership positions at Bank of America and MBNA America Bank.
Tom Maheras, Chair of the Board, 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. He is an experienced executive and proven leader who has worked in a variety of roles within the payments and banking industry around the globe and has a track record of successfully leading sophisticated financial services operations. I am confident that under his leadership, Discover will be able to reach its full potential and take care of its customers at the highest industry levels while continuing to advance its commitments to enhancing compliance, risk management and corporate governance.”
Mr. Rhodes said, “I am honored to be joining Discover at such an important time for the Company and leading its 20,000 employees to deliver on their important mission of helping people achieve brighter financial futures. 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 its strong foundation and employee-base, Discover is well-positioned to capitalize on the market opportunities ahead. I look forward to working with Tom and the management team and the rest of my colleagues, as Discover continues to advance its culture with a focus on compliance and serving customers while driving sustainable long-term financial performance.”
Mr. Maheras concluded, “On behalf of the entire Board, I would also like to thank John for his leadership as we conducted our search for a permanent CEO. The Board and I look forward to continuing to benefit from John’s experience and insights as a member of our Board.”
SOURCE: Businesswire