Discover CFO Mark Graf to Retire from Company in 2020

RIVERWOODS, Ill.–(BUSINESS WIRE)–Discover Financial Services (NYSE:DFS) today announced that R. Mark
Graf, executive vice president and chief financial officer, has informed
the company of his intent to retire in 2020. Graf will remain in his
current role until a successor is appointed to ensure that management
and the Board of Directors have the appropriate time to evaluate a full
slate of candidates for the company’s next CFO. Graf will participate in
the process and will remain an employee of the company until early 2020
to ensure a smooth transition for this critical role.

“On behalf of the Discover Board and management team, I thank Mark for
his dedication and valuable contributions during his years with
Discover,” said Roger Hochschild, CEO and president. “Mark has built a
tremendous finance organization with deep expertise across the board and
has played a significant role in driving our financial performance. I am
greatly appreciative that Mark will remain with Discover to help
identify his successor and facilitate a successful leadership
changeover.”

In announcing his plans, Graf said, “I joined Discover in 2011 as our
industry and the U.S. economy were continuing to deal with the effects
of the Great Recession. It has been my privilege to work with an
extraordinary leadership team as we navigated that difficult time and
emerged to produce industry-leading returns. I love working at this
great company, but those who know me well have heard me speak for years
about wanting a second phase of my career. As I turn 55, it is time to
put that plan in motion.”

The executive talent firm Crist Kolder Associates will be conducting the
search for Graf’s replacement.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America’s cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the Discover Global Network comprised of Discover
Network, with millions of merchant and cash access locations; PULSE, one
of the nation’s leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance in 190
countries and territories. For more information, visit www.discover.com/company.

Contacts

Media Contact:
Jon Drummond
Discover
224-405-1888
jondrummond@discover.com
@Discover_News

Investor Contact:
Craig Streem
Investor Relations
224-405-5923
craigstreem@discover.com

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