Discover Financial Services announced that the Company?s Board of Directors (the ?Board?) has appointed Michael G. Rhodes President, effective on or before March 6, 2024, at which time he will be appointed to the Company?s Board of Directors. He will also serve as President of Discover Bank and will be appointed to the Discover Bank Board of Directors, effective the same date. John Owen, who has been serving as President of the Company and interim President of Discover Bank since August 14, 2023, will continue in this capacity until Mr. Rhodes officially joins Discover, after which Mr. Owen will continue to serve as a member of the Company?s Board of Directors and the Discover Bank Board of Directors.

Mr. Rhodes is an accomplished financial industry executive bringing more than 25 years of experience to Discover. He most recently was the Group Head, Canadian Personal Banking at TD Bank Group. In that role Mr. Rhodes was responsible for a retail product division that served customers through a network of more than 1,000 branches, telephone support, and online and mobile capabilities.

Since joining TD in 2011 to lead the North American Credit Card and Merchant Services business, Mr. Rhodes has also served as the Group Head, Innovation, Technology and Shared Services from 2017 to 2021. He brings deep expertise in the financial services industry and his prior roles include senior leadership positions at Bank of America and MBNA America Bank. Mr. Michael Rhodes joins Discover from TD Bank Group, where he served as Group Head for Canadian Personal Banking, the retail bank in Canada serving more than 13 million customers.

Prior to that position Mr. Rhodes served as TD Bank?s Group Head, Innovation, Technology and Shared Services from 2017 to 2021 and previously served as Head of the Consumer Bank and Wealth Management at TD Bank, America?s Most Convenient Bank, where he helped drive industry leading growth, achieving several JD Power wins for Customer Experience, and substantially improving employee engagement. Mr. Rhodes joined TD in 2011 to lead the North American Credit Card and Merchant Services business. Mr. Rhodes?

experience also includes stints in leadership roles at both Bank of America and MBNA America Bank. He has worked in Canada, the United States, the United Kingdom, Spain, and Ireland in a variety of roles within payments and banking, including CEO of a portfolio company backed by a top-tier private equity fund, GTCR; CEO of MBNA Europe Bank Limited; and Chief Marketing Officer of MBNA America Bank. Mr. Rhodes earned his Master of Business Administration from the Wharton School at the University of Pennsylvania and holds a Bachelor of Science in engineering from Duke University.

Michael is active in supporting several important social causes and currently serves on the Board of Trustees of Duke University. Prior community boards include the United Way of Delaware, the Boys and Girls Club, the Thurgood Marshall Scholarship Fund, Christiana Care Health Systems, the Delaware Symphony Orchestra, and Winterthur Garden Museum and Library.