Discover Financial Services Chief Executive Officer Michael Rhodes is leaving the credit-card company to become CEO of auto lender Ally Financial Inc.
“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive finance,” Rhodes, who is set to join Ally on April 29, said in a statement. “I am so pleased the board has put its trust in me to continue advancing Ally’s strategy alongside the strong leadership team.”
That appointment came just months before Capital One Financial Corp. agreed to buy Discover in a $35 billion deal. The deal is slated to create the largest US credit-card company by loan volume, and Capital One leadership has already acknowledged that the cost and time associated with fixing Discover’s regulatory challenges could be at the high end of expectations or beyond.
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