Discover Financial taps new CEO
Discover Financial Services said today that its president will succeed David Nelms as CEO on Oct. 1.
Roger Hochschild, currently president and chief operating officer, will retain his role as president, the Riverwoods company said.
Nelms, currently chairman and CEO, notified the board of his intention to retire from Discover in early 2019. Following the CEO succession, Nelms, 57, will continue as executive chairman until his retirement.
"Roger's deep experience and proven results make him well suited to lead Discover to new heights of success," Nelms said. "He has been integral to Discover's growth and to our achievement of an average 19 percent ROE over the past 20 years and has remained steadfast in his commitment to customers. Given the foundation we have established and the tremendous opportunities in direct banking and payments, Discover will continue to be very successful under Roger's leadership."
Nelms and Hochschild, 53, both joined the company in 1998.
"The Board and I are confident that Roger is the right choice to lead the company into its next period of growth," said Lawrence Weinbach, Discover's lead independent director. "His deep industry experience as well as his strong business and customer insights will help Discover continue to achieve industry-leading results."
Nelms led Discover through a spinoff to become a public company in 2007, and provided leadership through the U.S. financial crisis, the company said in a statement.
"I am honored to be named the next CEO of Discover, and I am grateful to David for his leadership and for fostering a culture that has contributed to our success and will guide us into the future," Hochschild said. "Our board, our experienced leadership team and Discover's more than 16,000 employees will remain focused on delivering a superior customer experience and financial performance that create value for customers and shareholders."
Prior to joining Discover, Hochschild worked for the consulting firm Booz Allen and served in various leadership positions at MBNA America. He received his undergraduate degree from Georgetown University and his MBA from The Amos Tuck School at Dartmouth College.