Discover's finance chief to retire next year

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Discover Financial Services said Thursday that Chief Financial Officer Mark Graf plans to retire next year and that a search has begun for his successor.

Graf, a onetime CFO at Fifth Third Bank, joined Discover in 2011. He said in a press release that he has been speaking for years about wanting a second phase in his career. “As I turn 55, it is time to put that plan in motion,’ he said.

Graf will remain a Discover employee until early 2020, according to the Riverwoods, Ill.-based credit card issuer. He will participate in the search process and will remain in his current role until his successor is appointed, the firm added.

“Mark has built a tremendous finance organization with deep expertise across the board and has played a significant role in driving our financial performance,” Discover CEO Roger Hochschild said in the press release.

Discover, which has $110.7 billion of assets, said that the executive talent firm Crist Kolder Associates will be conducting the search for its next CFO.

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