Discover Financial Services Appoints Michael G. Rhodes Chief Executive Officer and President
11 Dicembre 2023 - 10:12PM
Business Wire
Rhodes Brings More than 25 Years of Consumer
Banking, Financial, and Technology Leadership to the Role
Discover Financial Services (NYSE: DFS) today announced that the
Company’s Board of Directors (the “Board”) has appointed Michael G.
Rhodes Chief Executive Officer and President, effective on or
before March 6, 2024, at which time he will be appointed to the
Company’s Board of Directors. He will also serve as President of
Discover Bank and will be appointed to the Discover Bank Board of
Directors, effective the same date.
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Michael G. Rhodes (Photo: Business
Wire)
John Owen, who has been serving as interim Chief Executive
Officer and President of the Company and interim President of
Discover Bank since August 14, 2023, will continue in this capacity
until Mr. Rhodes officially joins Discover, after which Mr. Owen
will continue to serve as a member of the Company’s Board of
Directors and the Discover Bank Board of Directors.
Mr. Rhodes is an accomplished financial industry executive
bringing more than 25 years of experience to Discover. He most
recently was the Group Head, Canadian Personal Banking at TD Bank
Group. In that role Mr. Rhodes was responsible for a retail product
division that served customers through a network of more than 1,000
branches, telephone support, and award-winning online and mobile
capabilities. Since joining TD in 2011 to lead the North American
Credit Card and Merchant Services business, Mr. Rhodes has also
served as the Group Head, Innovation, Technology and Shared
Services from 2017 to 2021. He brings deep expertise in the
financial services industry and his prior roles include senior
leadership positions at Bank of America and MBNA America Bank.
Tom Maheras, Chair of the Board, said, “Michael’s appointment
follows a comprehensive search process to identify the right leader
to help the Company deliver on its strategic and financial goals.
He is an experienced executive and proven leader who has worked in
a variety of roles within the payments and banking industry around
the globe and has a track record of successfully leading
sophisticated financial services operations. I am confident that
under his leadership, Discover will be able to reach its full
potential and take care of its customers at the highest industry
levels while continuing to advance its commitments to enhancing
compliance, risk management and corporate governance.”
Mr. Rhodes said, “I am honored to be joining Discover at such an
important time for the Company and leading its 20,000 employees to
deliver on their important mission of helping people achieve
brighter financial futures. Throughout my career I’ve developed a
clear understanding of what it takes to deliver a great customer
experience at every touch point, and I am confident that with its
strong foundation and employee-base, Discover is well-positioned to
capitalize on the market opportunities ahead. I look forward to
working with Tom and the management team and the rest of my
colleagues, as Discover continues to advance its culture with a
focus on compliance and serving customers while driving sustainable
long-term financial performance.”
Mr. Maheras concluded, “On behalf of the entire Board, I would
also like to thank John for his leadership as we conducted our
search for a permanent CEO. The Board and I look forward to
continuing to benefit from John’s experience and insights as a
member of our Board.”
About Michael Rhodes
Mr. Michael Rhodes joins Discover from TD Bank Group, where he
served as Group Head for Canadian Personal Banking, the largest
retail bank in Canada serving more than 13 million customers. Prior
to that position Mr. Rhodes served as TD Bank’s Group Head,
Innovation, Technology and Shared Services from 2017 to 2021 and
previously served as Head of the Consumer Bank and Wealth
Management at TD Bank, America’s Most Convenient Bank®, where he
helped drive industry leading growth, achieving several JD Power
wins for Customer Experience, and substantially improving employee
engagement. Mr. Rhodes joined TD in 2011 to lead the North American
Credit Card and Merchant Services business.
Mr. Rhodes’ experience also includes stints in leadership roles
at both Bank of America and MBNA America Bank. He has worked in
Canada, the United States, the United Kingdom, Spain, and Ireland
in a variety of roles within payments and banking, including CEO of
a portfolio company backed by a top-tier private equity fund, GTCR;
CEO of MBNA Europe Bank Limited; and Chief Marketing Officer of
MBNA America Bank. Mr. Rhodes earned his Master of Business
Administration from the Wharton School at the University of
Pennsylvania and holds a Bachelor of Science in engineering from
Duke University.
Michael is active in supporting several important social causes
and currently serves on the Board of Trustees of Duke University.
Prior community boards include the United Way of Delaware, the Boys
and Girls Club, the Thurgood Marshall Scholarship Fund, Christiana
Care Health Systems, the Delaware Symphony Orchestra, and
Winterthur Garden Museum and Library.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover® card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
loans, checking and savings accounts and certificates of deposit
through its banking business. It operates the Discover Global
Network® comprised of Discover Network, with millions of merchants
and cash access locations; PULSE®, one of the nation's leading
ATM/debit networks; and Diners Club International®, a global
payments network with acceptance around the world. For more
information, visit www.discover.com/company.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231211406230/en/
Investor: Eric Wasserstrom Investor Relations
224-405-4555 investorrelations@discover.com
Media: Leslie Sutton Corporate Communications
224-405-1747 lesliesutton@discover.com
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