MBNA Veteran Rhodes Named New Discover CEO

Michael Rhodes, a banking executive with a rich history in the industry, particularly with MBNA, has recently been named the new President and CEO of Discover Bank. This appointment marks a significant move in the banking sector, as Rhodes brings extensive experience from his previous roles, including a significant tenure at TD Bank in Canada. His leadership is expected to steer Discover Bank towards new heights, leveraging his global expertise and deep understanding of the financial services industry.

Michael Rhodes’s journey in the banking sector began at MBNA in Wilmington, where he spent over a decade from 1994 until its acquisition by Bank of America in 2006. During his time at MBNA, Rhodes held several top executive positions, including Chief Marketing Officer, showcasing his ability to lead and innovate in the competitive credit card market.

After MBNA, Rhodes joined Bank of America, leading its Europe Bank division and later its U.S. card operations. His 12-year tenure at TD Bank in Canada, where he headed personal banking, was marked by significant achievements and recognition. Rhodes was even considered a potential successor to TD Bank’s CEO Bharat Masrani, highlighting his influence and leadership within the banking community.