Discover Names TD Bank’s Rhodes CEO After Compliance Lapses

Discover Financial Services appointed Toronto-Dominion Bank’s Michael Rhodes as its new chief executive officer, following the resignation of Roger Hochschild in August as the credit-card giant grappled with a number of compliance and risk-management lapses.

Rhodes will join Discover by March 6, the Riverwoods, Illinois-based company said in a statement Monday. He’ll take over from John Owen, who was appointed interim CEO after Hochschild’s resignation and will continue as a board member.

Read More: Discover CEO Resigns as Board Vows Renewed Compliance Focus

Discover has vowed to improve compliance and risk management after battling a wave of lapses ...