Discover Names Hochschild Next CEO as Nelms Ends a 20-Year Run

Nelms will stay on as executive chairman until early 2019
Hochschild takes reins as new competitors enter card market

Discover Financial Services chip credit and debit cards are arranged for a photograph in Washington, D.C., U.S., on Friday, Oct. 20, 2017.Photographer: Andrew Harrer/Bloomberg

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By Jennifer Surane

August 3, 2018 at 12:59 PM UTC

Updated on

August 3, 2018 at 2:45 PM UTC

This article is for subscribers only.

Discover Financial Services promoted operating chief Roger Hochschild to succeed Chief Executive Officer David Nelms, who’s stepping down Oct. 1 after two decades at the credit-card lender.

Nelms, 57, plans to retire early next year and will continue as executive chairman until then, the Riverwoods, Illinois-based company said Friday in a statement.