Discover Financial Services Board Approves One-Time Cash Award for Interim CEO

Discover Financial Services (NYSE: DFS) recently made an announcement regarding a significant development in their executive compensation plan. In an 8-K filing submitted to the Securities and Exchange Commission on December 23, 2024, the company disclosed that the Compensation and Human Capital Committee of the Boards of Directors of Discover Financial Services and Discover Bank approved a one-time cash award of $1,500,000.

This extraordinary cash award is designated for J. Michael Shepherd, who currently serves as the Interim Chief Executive Officer and President of Discover Financial Services, as well as the Interim President of Discover Bank. The decision to award this amount to Mr. Shepherd was made in acknowledgment of his exceptional efforts and leadership within the organization.

The cash award of $1,500,000 is set to be paid out in a single lump sum to Mr. Shepherd, with all applicable taxes and withholdings duly deducted, on or before December 31, 2024. This payment will be executed in accordance with the standard payroll practices and procedures set forth by the company.

This move by the Discover Financial Services board emphasizes the recognition of Mr. Shepherd’s contributions and achievements during his tenure in these interim leadership roles. The company continues to navigate strategic decisions and executive transitions with a focus on maintaining stability and excellence in its operations.

In compliance with the Securities Exchange Act of 1934, the 8-K filing also includes the required signatures. The report was signed on behalf of Discover Financial Services by Assistant Secretary Efie Vainikos on December 27, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Discover Financial Services’s 8K filing here.

About Discover Financial Services

Discover Financial Services, through its subsidiaries, provides digital banking products and services, and payment services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover-branded credit cards to individuals; personal loans, home loans, and other consumer lending; and direct-to-consumer deposit products comprising savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts and checking accounts, and sweep accounts.