Discover Appoints TD Bank Veteran Michael G. Rhodes as CEO

Discover Financial Services has appointed TD Bank Group veteran Michael G. Rhodes as its new CEO and president.

Rhodes will assume those roles on or before March 6, at which time he will be appointed to the company’s board of directors, Discover Financial Services said in a Monday (Dec. 11) press release.

In addition, effective the same date, Rhodes will be appointed to the Discover Bank board of directors and will serve as president of Discover Bank, according to the release.

Rhodes will succeed John Owen, who has served as interim CEO and president of the company and interim president of Discover Bank since Aug. 14, the release said. When Rhodes officially joins Discover, Owen will continue to serve as a member of the company’s board of directors and the Discover Bank board of directors.

“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, chair of the board, said in the press release. “He is an experienced executive and proven leader who has worked in a variety of roles within the banking and payments industry around the globe and has a track record of successfully leading sophisticated financial services operations.”

Rhodes joined TD Bank Group in 2011 and was most recently the group head, Canadian Personal Banking, leading a retail product division with more than 1,000 branches, telephone support, and online and mobile capabilities, according to the release.

His more than 25 years of experience in the financial services industry also includes senior leadership positions at Bank of America and MBNA Bank, the release said.

“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,” Rhodes said in the release.

Owen replaced former president and CEO Roger Hochschild, who resigned in August, weeks after Discover revealed it was facing possible action by the Federal Deposit Insurance Corp. (FDIC) in connection with consumer compliance issues.