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Discover Financial Services executive chairman to step down at 2018-end

David Nelms intends to step down as executive chairman and as a director of Discover Financial Services, effective Dec. 31.

Nelms will remain an executive officer until his retirement in March 2019.

The board elected Lawrence Weinbach its nonexecutive, independent chairman, effective Jan. 1, 2019, and also decided to reduce the size of the board to 11 directors from 12.