(Reuters) -Discover Financial Services said on Wednesday its CEO Michael Rhodes will step down from his role, effective April 1, 2024.
He will serve as an advisor to the interim CEO J. Michael Shepherd through April 12, 2024.
Shepherd, who was appointed on March 26, will continue to serve as a director, but will resign as a member of the board’s risk oversight committee.
Rhodes, who was not expected to have a long-term role after the company completed its merger with Capital One Financial (NYSE:), informed the board he has accepted a job offer at another financial institution, Discover said in the filing.
Last month, Warren Buffett-backed U.S. consumer bank Capital One and U.S. credit card issuer Discover unveiled plans of a $35.3 billion deal to create a global payments giant that is expected to receive intense antitrust scrutiny.
Separately, Ally Financial (NYSE:) said on Wednesday it has appointed Michael Rhodes as its new CEO.
