Discover Financial Services CEO, Roger Hochschild, has announced his resignation from the company as part of their efforts to prioritize compliance and risk management. The credit card giant revealed that John Owen, a retired Regions Financial Corp. executive and current board member, will step in as interim CEO with immediate effect. In a statement released on Monday, Discover Financial Services confirmed the formation of a special committee to search for a permanent successor.
The decision to transition leadership came after discussions between the board and Hochschild, who has served the company for 25 years. Tom Maheras, Chairman of the Board, conveyed his gratitude to Hochschild for his significant contributions during his tenure.
Discover Financial Services is committed to enhancing its compliance and risk management practices, recognizing the importance of maintaining a strong and sustainable business model. By appointing John Owen as interim CEO, the company aims to ensure continuity and stability during this period of transition.
Owen brings a wealth of experience to his new role. As a retired executive from Regions Financial Corp., he is well-versed in financial services and has already gained valuable insights through his position as a board member since last year. His extensive industry knowledge positions him as a suitable candidate to guide Discover Financial Services through this transitional phase.
The board’s decision to establish a special committee signifies the importance it places on finding the right candidate for the permanent CEO position. This search will likely involve a comprehensive evaluation process to identify an individual with the necessary expertise and leadership qualities to steer the company in the right direction.
As the credit card industry continues to evolve and face new challenges, Discover Financial Services is determined to create a robust compliance and risk management framework to protect its stakeholders. The resignation of Roger Hochschild and the subsequent changes in leadership reflect the company’s commitment to addressing these priorities. With John Owen assuming the role of interim CEO, Discover Financial Services looks forward to laying a strong foundation for future success.