Discover CEO Resigns as Board Vows Renewed Compliance Focus (2)

Discover Financial Services slumped after Chief Executive Officer Roger Hochschild said he will resign from his role and the credit-card giant vowed to focus on improving compliance and risk management.

John Owen, who has been a board member since last year and is a retired Regions Financial Corp. executive, will become interim CEO effective immediately, the firm said in a regulatory filing Monday. The board formed a special committee to find a permanent successor.

“The board and Roger have agreed that now is the right time to transition leadership, and we thank Roger for his 25 years of service to ...