Discover turns outside company for new CFO

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John T. Greene will be the next chief financial officer at Discover Financial Services, succeeding Mark Graf, who announced his retirement in June.

Greene is a longtime finance executive with experience in the pharmaceutical and banking industries. He most recently served as CFO at Bioverativ and earlier spent more than eight years at HSBC Holdings.

Discover, which announced the hiring on Friday, said that Greene’s appointment will take effect Wednesday.

“He joins the company at an exciting time as we increase our investments in the people and technology that enhance our operating model and continue to help us exceed our customers’ expectations,” CEO Roger Hochschild said in a press release.

The Riverwoods, Ill., credit card issuer disclosed in a securities filing that Greene will be paid a base salary of $700,000 and will be eligible for annual equity awards. He will also receive a one-time award of restricted stock worth $1 million, which will vest between 2020 and 2022.

Graf, a former CFO at Fifth Third Bank, will remain at Discover until early next year. He has been with the company since 2011.

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