Michael Rhodes Becomes the new CEO of Discover Financial Services

Discover Financial Services’ board has announced the appointment of Michael G. Rhodes as the new Chief Executive Officer and a board member, effective from March 6, as per the company’s filing on Monday. John Owen, the interim CEO, will continue to serve as a director of the company and the bank, Discover stated.

Rhodes brings over 25 years of experience in financial services, most recently serving as the Head of Canadian Personal Banking at TD Bank Group. Former CEO Roger C. Hochschild resigned in August, shortly after Discover revealed the misclassification of certain credit card accounts in its highest merchant pricing tiers over several years.

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