Discover Financial Services (NYSE:DFS) stock is falling on Tuesday after the financial services company announced the resignation of its CEO.
According to a press release from the company, Roger Hochschild is stepping down as the president and CEO of Discover Financial Services. He will also give up his position as a member of its board of directors.
Replacing Hochschild as interim CEO of the company is Board member John Owen. This change goes into effect immediately. Hochschild will remain with Discover Financial Services through the end of the year to ensure a smooth transition. At the same time, DFS is adding J. Michael Shepherd to its board of directors.
To go along with this news, Discover Financial Services has hired a leading global executive search firm. The company is seeking a permanent replacement for Hochschild to fill the president and CEO roles.
Tom Maheras, Chairman of the Board, said the following about the leadership change:
‘The Board and Roger have agreed that now is the right time to transition leadership, and we thank Roger for his 25 years of service to the Company. The Board is continuously focused on Discover reaching its full potential across the business, including our commitment to enhancing compliance, risk management and corporate governance.”
How This News Affcets DFS Stock Today
With Hochschild’s departure, shares of DFS stock are seeing strong trading on Tuesday. This has more than 2.5 million shares of the stock on the move as of this writing. That’s already above its daily average trading volume of about 2.2 million shares.
DFS stock is down 8.1% as of Tuesday morning.
Investors keeping track of all the latest stock market news today will want to keep reading!
We’ve got the biggest stock market stories that traders need to know about on Tuesday! A few examples include why shares of Nvidia (NASDAQ:NVDA), VinFast (NASDAQ:VFS), and Altisource Asset Management (NYSEMKT:AAMC) stock are in the news today. You can find out all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
