Roger Hochschild will succeed the retiring David Nelms as CEO of Discover.
Hochschild, 53, the current president and chief operating officer, has been with Discover for 20 years, and will retain his title as president upon assuming the CEO role on Oct. 1. Nelms, 57, will continue as executive chairman until his retirement early in 2019.
Hochschild will take the helm of a company facing increased competition from fintechs and other issuers such as Wells Fargo and Citigroup. It recently offered debit rewards as part of its competitive response.
Hochschild "has been integral to Discover's growth and to our achievement of an average 19% ROE over the past 20 years," Nelms said in a press release.
Before joining Discover, Hochschild worked for Booz Allen and served in several roles at MBNA. Nelms has been Discover's chief executive since 2004.