Payments News

Discover Veteran Hochschild to Succeed Nelms as CEO

Aug 03, 2018

Discover Financial Services announced Friday that its No. 2 executive, president and chief operating officer Roger C. Hochschild, will become chief executive on Oct. 1, succeeding long-time chairman and CEO David W. Nelms.

Nelms, 57, Discover’s CEO since February 2004, will become executive chairman at that time before retiring in early 2019, Riverwoods, Ill.-based Discover said. With American Express Co. CEO Kenneth I. Chenault having retired in February, Nelms will become the second CEO of one of the four U.S.-based general-purpose card networks to retire in the span of about a year.

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