Discover Financial shares dropped more than 9% Tuesday after the Riverwoods-Ill.-based company said Roger Hochschild would step down as CEO effective immediately.
Discover board member and ex-Regions Financial executive John Owen will serve as interim CEO and president, the company said after markets closed Monday. Discover will work with a global executive search firm to find a permanent replacement.
Discover said the board and Hochschild “have agreed that now is the right time to transition leadership” but did not include a reason. Hochschild, a 25-year veteran of the company who was named CEO in 2018, will hold an “advisory role” through the end of the year.