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Discover Financial says CEO Michael Rhodes will step down after brief stint

Published 03/27/2024, 04:28 PM
Updated 03/27/2024, 05:25 PM
© Reuters. FILE PHOTO: A screen displays the logo and trading information for Discover Financial as traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 20, 2024. REUTERS/Brendan McDermid/File Photo

(Reuters) -Discover Financial Services said on Wednesday its CEO Michael Rhodes will step down from his role, effective April 1, three months after he joined the credit card issuer.

Rhodes will serve as an advisor to Discover's interim CEO J. Michael Shepherd through April 12, and will take over the helm as Ally Financial (NYSE:ALLY)'s top boss from April 29.

Shepherd, who was appointed on March 26, will continue to serve as a director, but will resign as a member of the board's risk oversight committee.

Rhodes was not expected to have a long-term role after the company completed its merger with Capital One Financial (N:COF), Discover said in the filing.

Last month, Warren Buffett-backed U.S. consumer bank Capital One and U.S. credit card issuer Discover unveiled plans of a $35.3 billion deal to create a global payments giant that is expected to receive intense antitrust scrutiny.

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