Discover Financial Services (DFS:US) announced that Roger Hochschild will be stepping down as Chief Executive Officer and President, as well as resigning from the Board. 

The company has appointed John Owen, a current member of the Board, as the Interim CEO and President. These changes are effective immediately. Shares fell nearly 8% on the announcement. 

Hochschild will continue to be involved in an advisory capacity at the company until the end of the year, ensuring a seamless transition. This move comes after Hochschild's 25-year tenure at Discover. The Board has initiated a search for a permanent CEO and President.

Tom Maheras, Chair of the Board, said, “The Board and Roger have agreed that now is the right time to transition leadership, and we thank Roger for his 25 years of service to the Company.”

“The Board is continuously focused on Discover reaching its full potential across the business, including our commitment to enhancing compliance, risk management and corporate governance. We will continue to take actions to advance Discover’s strategic priorities and generate high returns and capital.”

The financial company announced yesterday that Michael Shepherd will join the Company’s Board of Directors, effective immediately, and will serve on the Board’s Risk Oversight Committee.

Congressman Ro Khanna was actively trading DFS shares this year. His colleague Pete Sessions sold $15,000 - $50,000 worth of DFS shares on June 15, when the stock closed at $117.26.

DFS shares were offered at around $95 apiece in early Tuesday trade.