Why Discover Financial Services Shares Are Sliding Today

Discover Financial Services DFS shares are trading lower by around 6% after it disclosed the resignation of Roger C. Hochschild as Chief Executive Officer (CEO) and President. 

The company announced John Owen as an Interim CEO and President, effective August 14. Owen joined the Discover Board of Directors in June 2022. 

Owen has around 38 years of experience in consumer banking and information technology across several industries, including banking, insurance, airlines and the defense industry. 

Hochschild will continue to serve in an advisory role at the company till the end of the year to ensure a smooth transition. 

Also, the company announced that J. Michael Shepherd will join the company's Board of Directors, effective immediately.

Price Action: DFS shares are trading down 5.79% at $96.71 premarket on the last check Tuesday.