(Reuters) – Digital banking firm Discover Financial Services said on Monday Roger Hochschild would step down as chief executive officer and a member of the board.
The company, whose shares fell 5.5% in extended trading, also named board member John Owen as interim CEO and president, effective immediately.
In late July, Discover’s shares tanked after it disclosed a regulatory review over some incorrectly classified credit card accounts from around mid-2007. The company decided to pause share repurchases as well citing a pending internal review of compliance, risk management and corporate governance.
At the time, Discover also revealed that it had received a proposed consent order from the Federal Deposit Insurance Corporation in connection with consumer compliance that does not include the card product classification matter.
The stock has fallen nearly 16% since the disclosures and buyback pause, through previous close.
(Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar)