Discover Financial Services (NYSE:DFS) shares fell more than 5% after-hours following the company’s announcement that Roger Hochschild will step down as CEO and President and as a member of the Board, effective immediately.
To ensure a smooth transition, Hochschild will serve in an advisory role at the company until the year's end. John Owen, a member of the Board, has been appointed Interim CEO and President. These changes are effective immediately.
To identify a permanent successor for the positions of CEO and President, the Board has engaged a leading global executive search firm to commence a process.