Discover Financial Services announced that Roger Hochschild, currently President and Chief Operating Officer, will succeed David Nelms as Chief Executive Officer on October 1, 2018, and will retain his role as President. Hochschild has been elected to the company's Board of Directors. Nelms, currently Chairman and CEO, notified the Board of his intention to retire from Discover in early 2019.

Following the CEO succession, Nelms will continue as Executive Chairman until his retirement. Prior to joining Discover, Hochschild worked for the consulting firm Booz Allen and served in various leadership positions at MBNA America.