Discover Financial Services (NYSE:DFS) disclosed on Friday the upcoming departure of Hope D. Mehlman, its Executive Vice President, Chief Legal Officer, General Counsel, and Corporate Secretary. Mehlman informed the company of her intention to resign effective no later than November 29, 2024, to pursue a new opportunity with another firm.
The announcement, based on a recent SEC filing, outlines that Mehlman will remain in her current roles until the earlier of the completion of Discover's merger with Capital One Financial Corporation (NYSE:COF) or the specified effective date. The company has agreed to waive the repayment of Mehlman's sign-on bonuses, originally contingent upon her staying with the company through January 9, 2025. This waiver is conditioned upon her not resigning or being terminated for cause before the effective date of her departure.
Additionally, Discover Financial will provide Mehlman with a lump sum payment ranging between $850,000 and $1,000,000, subject to certain conditions including her continued employment until the effective date without resignation or termination for cause.
The terms of Mehlman's departure were agreed upon in a letter agreement following her notice to the company. This development comes as Discover Financial Services progresses toward its merger with Capital One, a significant move within the financial services industry.
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