RIVERWOODS, Ill.--(BUSINESS WIRE)--Jan. 14, 2009--Discover Financial Services (NYSE: DFS) today announced the election of
CEO David Nelms as chairman of the board, following the resignation of
Chairman Dennis Dammerman, who is leaving because of the time commitment
required by his new responsibilities as a director of American
International Group, Inc. (AIG). Discover's Board of Directors elected
Lawrence Weinbach to the newly created position of lead director.
"We are grateful for the significant contributions Dennis made to
Discover as chairman of the board" said Nelms. "I look forward to
working with Larry and the rest of our highly qualified board of
directors to lead the company into the future."
Dammerman was Discover's chairman since the company's spin-off from
Morgan Stanley in June 2007. He retired in 2005 as vice chairman of the
board and executive officer of General Electric Company and director,
chairman and chief executive officer of GE Capital Services. He was
elected to the AIG board in November.
Weinbach also has served on the Discover board since the company went
public. A partner of Yankee Hill Capital Management LLC since 2006, he
was formerly the executive chairman of Unisys Corporation and managing
partner and chief executive of Andersen Worldwide. He currently chairs
Discover's Nominating and Governance Committee and will continue in that
role in addition to becoming lead director.
About Discover Financial Services
Discover Financial Services (NYSE: DFS) is a leading credit card issuer
and electronic payment services company with one of the most recognized
brands in U.S. financial services. The company operates the Discover
Card, America's cash rewards pioneer. Since its inception in 1986, the
company has become one of the largest card issuers in the United States.
Its payments businesses consist of the 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 185 countries and territories. For
more information, visit www.discoverfinancial.com.
CONTACT: Discover Financial Services
Media Contact
Leslie Sutton
Director, Public Relations
224-405-3965
or
Investor Contact
Craig Streem
Vice President, Investor Relations
224-405-3575
Source: Discover Financial Services