Michael Rhodes takes office as chief executive and president of Discover Financial Services

Michael G. Rhodes became chief executive officer and president of Discover Financial Services and president of its banking subsidiary, Discover Bank, on 1 February 2024, the company said in a regulatory filing.

Discover's board appointed Rhodes on 7 December 2023, with the appointment disclosed on 11 December. At the time, the company said the appointment would take effect on 6 March 2024 or an earlier date agreed between Discover and Rhodes. Rhodes also joined the boards of both the company and the bank.

END OF INTERIM LEADERSHIP

John Owen, who had served as interim chief executive officer and president since 14 August 2023, stepped down from that role and continues to serve as a director of Discover Financial Services and Discover Bank.

BACKGROUND

Rhodes has more than 25 years of experience in financial services. He joined Discover from TD Bank Group, where he was most recently group head for Canadian Personal Banking. He previously served as group head of innovation, technology and shared services from 2017 to 2021, and as head of the consumer bank and wealth management at TD Bank from 2015 to 2017. He joined TD Bank in 2011 to lead its North American credit card and merchant services business.

Earlier in his career, Rhodes held leadership roles at Bank of America and MBNA America Bank. He holds an MBA from the Wharton School of the University of Pennsylvania and a bachelor's degree in engineering from Duke University.

Under the terms disclosed in December, Rhodes receives an annual base salary of USD1 million, with a short-term incentive target of 200% of base salary and a long-term incentive target of USD7 million.