Sector: Financials|Industry: Credit Services|Market Cap: $42.25B|Employees: 21.1K
Discover Financial Services is a digital banking and payment services company, offering credit card loans, personal loans, home loans, and deposit products. The company operates the Discover Network, PULSE network, and Diners Club International, collectively known as the Discover Global Network, which provides payment transaction processing and settlement services. Discover's primary market is the U.S. but also has international operations.
J. Michael Shepherd was appointed Interim CEO and President effective April 1, 2024, following Michael Rhodes' resignation. This transition occurred while the company was navigating a merger agreement with Capital One Financial Corporation.
The Audit Committee determined that the company would prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to the Recoupment Policy, indicating a need for corrective action.
The Compensation Committee reviews executive ownership levels and may award compensation in the form of Common Stock if guidelines are not being met, demonstrating a commitment to aligning executive interests with shareholders.