Discover Financial Services in Riverwoods, Ill., has hired a former executive at TD Bank Group as its next CEO.
The $143 billion-asset company said in a press release that Michael Rhodes will step into the role by March 6. Rhodes, who will join the board, will succeed interim CEO John Owen, who took over in August when Roger Hochschild resigned.
Owen will remain on Discover’s board.
“Michael’s appointment follows a comprehensive search process to identify the right leader to help the company deliver on its strategic and financial goals,” Tom Maheras, Discover’s chairman, said in the release. “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.”
Rhodes has served as group head of Canadian personal banking at TD Bank, where he has been responsible for retail product delivery through the bank’s branch networks and digital channels.
Discover has dealt with issues in its student lending business since 2015. The company recently said it plans to sell its $10 billion student loan portfolio by mid-2024.