Discover Financial Services (NYSE: DFS) announced today that Michael G. Rhodes, a veteran financial industry executive, will be its new Chief Executive Officer and President, effective on or before March 6, 2024. He will also serve as President of Discover Bank and join the boards of both the Company and the Bank.

Michael  Rhodes, who has more than 25 years of experience in the payments and banking industry, most recently led the Canadian Personal Banking division at TD Bank Group. He has also held senior roles at Bank of America and MBNA America Bank.

Tom Maheras, Chair of the Board, said that Mr. Rhodes was selected after a comprehensive search process and praised his track record of leading sophisticated financial services operations. He expressed confidence that Mr. Rhodes will help Discover reach its full potential and take care of its customers while enhancing compliance, risk management and corporate governance.

Mr. Rhodes said that he was honored to join Discover and lead its 20,000 employees to help people achieve brighter financial futures. He said that he was confident that Discover was well-positioned to capitalize on the market opportunities ahead and that he looked forward to working with the management team and the Board.

Mr. Maheras also thanked John Owen, who has been serving as interim CEO and President of the Company and the Bank since August 14, 2023, for his leadership and said that he will continue to serve as a member of the Board.

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