Shares of Discover Financial fell 9% on Tuesday after the Riverwoods-Ill. Roger Hochschild will be stepping down as effective CEO with immediate effect.
The company said after markets closed Monday that John Owen, a board member and former chief financial officer for Regions, will serve as interim CEO and president. Discover will work with a global executive search firm to find a permanent replacement.
Discover said the board and Hochschild “agreed that now was the right time to transfer leadership” but did not give a reason. Hochschild, a 25-year veteran of the company who was named CEO in 2018, will take on an “advisory role” through the end of the year.