Discover Financial (NYSE:DFS) has announced that it is appointing Roger Hochschild as the new company CEO due to the fact that current boss David Nelmes is stepping down.
Nelmes announced that he will be retiring early next year and continue as the company’s executive chairman. Here are seven things to know about the new Discover CEO:
- Hochschild has been the company’s president and chief operating officer since 2004.
- The new Discover CEO played an important role in the company’s 2007 spin-off from Morgan Stanley (NYSE:MS).
- Hochschild also worked alongside Nelms in helping to propel the company’s acquisition of Citigroup’s (NYSE:C) Diner’s Club International subsidiary.
- He was also key during the U.S. financial crisis in the late 2000s, helping the company go public, while also creating incredible shareholder value.
- Hochschild puts the customer and employee first in order to serve the community as much as possible in his time with the company.
- The new Discover CEO has been an integral part of the company for years, helping it achieve an average of 19% ROE over the last 20 years.
- Hochschild has plenty of industry experience, as well as strong business and customer wisdom that can help the company continue its success under a man who’s’ been mentored by Nelms and understands Discover’s needs as well as anyone.
DFS stock is up 1.5% on Friday following the news of the new CEO appointment.