On August 3, 2018, Discover Financial Services announced that then-Chairman and Chief Executive Officer David W. Nelms notified the Board of Directors of his intention to retire in early 2019. The company further announced that Mr. Nelms would step down as CEO, effective October 1, 2018, but remain as Executive Chairman of the Board until his retirement. On December 12, 2018, Mr. Nelms notified the Board that following the Company's successful CEO transition, it is now his intention to step down as Executive Chairman of the Board and as a Director, effective December 31, 2018.

He will remain an executive officer of the company until his retirement in March 2019. Following Mr. Nelms' decision to retire as Executive Chairman, also on December 12, 2018, the Board elected Lawrence A. Weinbach to serve as its non-executive, Independent Chairman, effective January 1, 2019. Mr. Weinbach has served as the Board's Lead Director since 2009.

The Board also took action to decrease the size of the Board from 12 to 11 directors, effective as of the same date.