David W. Nelms is the Chief Executive Officer of Discover Financial Services, a position he has held since 2004. He brings a strong background in finance, having earned his Bachelor's degree in economics from the University of Chicago. Nelms has...

David W. Nelms is the Chief Executive Officer of Discover Financial Services, a position he has held since 2004. He brings a strong background in finance, having earned his Bachelor's degree in economics from the University of Chicago. Nelms has been with Discover for a long time, first joining in 1998 as President and Chief Operating Officer before becoming CEO. Under his leadership, the company has focused on innovation and customer service, helping to increase their market share in financial services. One interesting fact about Nelms is that he received a special retention grant of 200,000 restricted stock units in 2013 to support the company's long-term strategy, highlighting the board's commitment to keeping him at the helm. Among his responsibilities, he also serves on the Federal Reserve Board of Chicago. His experience includes working at MBNA America Bank and Progressive Insurance, giving him a broad view of the financial landscape. Nelms has been influential in guiding Discover's growth and navigating challenges in the financial industry.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Discover Financial Services CEOs

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David W. Nelms

Ex-CEO of Discover Financial Services

Education

Bachelor's degree in economics from the University of Chicago.

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

Born

September 15, 1964 - 60 years ago

CEO of Discover Financial Services for

14 years 1 month (Sep 2004 - Oct 2018)

Previous Experience

President of Discover Financial Services and various executive positions within the company since its inception.

Rivals

Competitors/colleagues of David W. Nelms

Holdings

See how much did David W. Nelms make over time.

David W. Nelms has a significant stake in Discover Financial Services, where he has seen substantial increases in value over the years. His most notable holdings came from performance-based stock units that are tied to the company's success. For instance,...

David W. Nelms has a significant stake in Discover Financial Services, where he has seen substantial increases in value over the years. His most notable holdings came from performance-based stock units that are tied to the company's success. For instance, in 2018, he saw his total compensation reach over $10 million, showing the level of alignment between his performance and the company's goals. He received around $6.9 million in stocks that year, primarily from PSUs that incentivize long-term growth. Earlier, in the years leading up to his current holdings, most of his compensation was cash-based, highlighting how his focus has shifted towards equity and long-term company performance. Nelms also received a retention grant in 2013, further tying his wealth to Discover's performance. His stock wealth today continues to showcase his long-term commitment to the company's success.

Mar 17, 2025

C

shares

CDW @ $170.63

D

shares

DFS @ $152.99

Total Stock Sold

$112.47M

DFS

$112.47M

1,948,453 DFS shares

What if they kept their stock?

If David W. Nelms didn't sell their stock, today they would have:
Extra DFS1,948,453 shares worth $118.12M.
This is 5.02% and $5.64M more than what they got when they sold the stock.

Charitable Transactions

DFS

200,000 shares

DFS

Recent Charitable Transactions

DFS

25,000 shares

DFS

Feb 1, 2018

Charity

DFS

25,000 shares

DFS

Jun 1, 2017

Charity

DFS

25,000 shares

DFS

Apr 25, 2016

Charity

DFS

25,000 shares

DFS

Jan 28, 2015

Charity

DFS

25,000 shares

DFS

Apr 30, 2014

Charity

DFS

25,000 shares

DFS

Oct 29, 2013

Charity

Insider Trading

See recent insider trades of David W. Nelms.

CDW

81.91 shares

CDW

Sep 10, 2024

Received

CDW

78.59 shares

CDW

Jun 11, 2024

Received

CDW

70.4 shares

CDW

Mar 12, 2024

Received

CDW

860 shares

CDW

Mar 6, 2024

Received

CDW

78.14 shares

CDW

Dec 12, 2023

Received

CDW

77.25 shares

CDW

Sep 12, 2023

Received

CDW

91.72 shares

CDW

Jun 13, 2023

Received

CDW

214 shares

CDW

May 4, 2023

Received

CDW

83.54 shares

CDW

Mar 10, 2023

Received

CDW

835 shares

CDW

Feb 15, 2023

Received

Compensation History

See how much did David W. Nelms make over time.

In 2018, David W. Nelms' total compensation was around $10.1 million. This included a salary of $1.1 million and a $2.1 million bonus based on the company's performance, which emphasizes the pay-for-performance approach at Discover. His total compensation package also included stock awards valued at approximately $6.9 million. Interestingly, this amount was from restricted stock units which align his earnings with the company's long-term success. The compensation package aims to motivate top executives and align their interests with those of the shareholders. The company's strategy includes evaluating performance metrics like profit before tax and total revenue, which are key drivers in determining bonuses. Overall, Nelms' compensation reflects both his significant role in the company and the executive's focus on performance and shareholder alignment.

Year

2018

Total Compensation

$13.41M

Salary

$1.10M

Board Justification

The compensation program is designed to attract, retain and motivate our NEOs, who are critical to our success, with a focus on pay for performance and alignment with shareholder interests.

Bonus

$2.09M

Board Justification

The annual cash short-term incentive earned for the year and paid to the NEOs within the first two and a half months of the following year if employed on the payment date.

Other

$48.76K

Board Justification

Represents the incremental cost to the Company of providing certain perquisites and other personal benefits, including 401(k) contributions and charitable contributions.

Restricted Stock

$10.17M(6.93M RSU and PSU)

Board Justification

Represents the aggregate grant date fair value of RSU and PSU awards granted to the NEOs pursuant to FASB ASC Topic 718. The value of PSUs is based on the probable outcome of the performance conditions on the grant date.

Performance Metrics

The primary factor considered for compensation decisions was the Company's PBTR, which was $4,020 million, along with other performance factors including net income, ROE, EPS, total revenue, net charge-offs, and operating expenses.

Other Discover Financial Services CEOs

Here are other CEOs of Discover Financial Services

Roger C. Hochschild

Ex-CEO of Discover Financial Services

November 2018 - August 2023