Another former MBNA executive has taken the helm at Discover Financial Services.
Roger Hochschild, former President and Chief Operating Officer, succeed David Nelms as Chief Executive Officer on Oct. 1. He will retain his role as President.
The company is based in the Chicago suburbs and has an employment site in the New Castle area.
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. Nelms will continue as Executive Chairman until his retirement.
“Roger’s deep experience and proven results make him well suited to lead Discover to new heights of success,” Nelms said. “He has been integral to Discover’s growth and to our achievement of an average 19 percent ROE over the past 20 years and has remained steadfast in his commitment to customers. Given the foundation, we have established and the tremendous opportunities in direct banking and payments, Discover will continue to be very successful under Roger’s leadership.”
Prior to joining Discover, Hochschild worked for the consulting firm Booz Allen and served in various leadership positions at MBNA America.
He received his undergraduate degree from Georgetown University and his MBA from The Amos Tuck School at Dartmouth College. He serves on the Board of Directors for Principal Financial Group as well as on Tuck’s Board of Advisors, and is a member of the Board of Metropolitan Family Services.
Nelms, who worked for Discover for two decades, was also a former MBNA executive. The Wilmington-based credit card bank was later sold to Bank of America.
Under Nelms, Discover did not venture far beyond credit cards, while competitors were sold to banking giants or in the case of Capital One bought up banks.