Discover CEO Roger Hochschild resigns, John Owen named interim CEO

On August 13, the Board of Directors of Discover Financial Services (DFS) accepted the resignation of Roger Hochschild from his positions as CEO and President of the company, a member of the Board and a director and officer of Discover Bank, each effective August 14. To assist with the transition, Hochschild will continue to be employed by the company as an advisor to the Chair of the Board from the Effective Date through December 31, 2023, pursuant to the terms of a transition employment letter. The Board has established a special search committee to conduct a search for a permanent successor to Hochschild. On August 13, the Board appointed John Owen as Interim CEO and Interim President of the company and as Interim President of the Bank, effective August 14. Owen will continue to serve as a director of the company, but is resigning as a member of the Risk Oversight Committee of the Board during his term as Interim CEO and Interim President. John Owen, a financial services veteran with more than 38 years of experience in banking and information technology that spans multiple industries including banking, insurance, airlines, and the defense industry, was elected to the Board and appointed to the Board’s Risk Oversight Committee on June 6, 2022. Prior to joining the company, Owen retired from Regions Financial (RF).