Roger Hochschild formally stepped into his new role as CEO of Discover Financial Services last week, a move announced in August by the company known for its eponymous credit card. The one-time Wilmington resident also joined the Chicago-area firm’s board of directors.
Hochschild is a 20-year veteran of the bank, having been recruited in the late 1990’s from MBNA where he served in senior leadership roles at the legendary Delaware company. He also held key positions at Morgan Stanley – Discover’s former parent company – including executive vice president and chief administrative and strategic officer.
Hochschild follows another former MBNAer – and Delawarean – David Nelms in the top spot at Discover. Most recently, he served as President and Chief Operating Officer, where Nelms said Hochschild was “integral to Discover’s growth and to our achievement of an average 19% ROE over the past 20 years.”
Nelms will continue as the company’s executive chairman until his retirement in 2019.