Former TD Bank exec Michael Rhodes appointed as new CEO and president of Discover Financial Services
US digital banking and payments company Discover Financial Services has appointed Michael Rhodes as its new CEO and president, effective 6 March 2024.
Michael Rhodes joins Discover Financial Services as CEO and president. Image source: Business Wire.
He will also take up the role of president of Discover Bank in addition to joining the company’s board of directors.
The move comes four months after Discover Financial Services revealed former CEO and president Roger Hochschild was stepping down with immediate effect, with chair of the board Tom Maheras saying back in August that “now is the right time to transition leadership”.
Fellow board member John Owen has been holding down the fort as interim CEO and president since Hochschild’s departure and will carry on until Rhodes’ arrival next year, at which point he will continue to serve as a member of the board.
The company says Rhodes “brings more than 25 years of consumer banking, financial, and technology leadership to the role”. He joins from Canadian banking giant TD Bank, where he has spent the last 12 years of his career, most recently serving as group head for Canadian personal banking.
Prior to joining TD Bank in 2011, he also held leadership roles at Bank of America and MBNA America Bank.
Speaking on his appointment, Rhodes says he is joining the company at an “important time”, adding he believes Discover “is well-positioned to capitalise on the market opportunities ahead”.
