Succession planning

Discover Financial Services' announcement of the immediate resignation of longtime executive Roger Hochschild comes weeks after the company announced it overcharged merchants for 16 years.

After eight years leading one of the nation's most prominent Black banks, Michael Pugh will become chief executive of the Local Initiatives Support Corporation.

The $1.6 billion-asset company said in a press release Wednesday that its directors "voted to terminate" Kevin Lycklama's employment. Dan Cox, chief credit officer, was named as acting president and CEO.

The acquisition of Silicon Valley Bank helped push the bank's capital ratio to 13.4% in the second quarter, above its target range. But First Citizens said it would focus on absorbing SVB, and assess the impact of new capital rules, before restarting buybacks.

Outgoing CEO James Gorman, who is set to become the investment bank's executive chairman, said he has no plans to ditch virtual annual meetings. He also argued that earnings should be reported twice each year, rather than quarterly.

Greater Nevada Credit Union in Carson City promoted Danny DeLaRosa to be its next president and CEO. He replaces Wally Murray, who retired in March.

James Gorman, who became CEO at the beginning of 2010, said early in the year that there are three finalists to take over when he leaves.

The West Virginia company says COO Jeffrey Jackson will become chief executive in August instead of January. He will succeed Todd Clossin, who will retire earlier than planned and describes Jackson as "well prepared."

Angelino "Gino" Cayanan, who was most recently CFO for Los Angeles Police Federal Credit Union, will lead the $1.2 billion-asset Noble.

Terry Dolan will see his role expand when two senior executives retire this summer, and will then hand over CFO duties to John Stern in September.