Discover Financial Services disclosed in a securities filing late Friday evening that its chief legal officer, general counsel, and corporate secretary Hope Mehlman will be resigning to assume a position at a different company. The announcement coincides with Discover’s legislative and regulatory hurdles surrounding its proposed $35 billion merger with Capital One Financial Corp.
According to the filing, Mehlman’s departure will be effective by November 29, or earlier if the Capital One deal closes before that date. Discover has also waived Mehlman’s obligation to repay a sign-on bonus of approximately $3.4 million and confirmed she will receive a lump sum cash payment between $850,000 and $1 million, contingent on her not resigning or being terminated for cause by that date.
Mehlman joined Discover in January 2023, filling the role after Wanjiku “Wanji” Walcott left to become the chief legal officer at Pinterest Inc. Mehlman’s compensation for 2023 exceeded $6.6 million, much of which included a reimbursement tied to her prior employment during Bank of the West’s sale to Bank of Montreal. She also holds over $4 million in Discover stock, according to Bloomberg data.
For the merger, Discover is being represented by Sullivan & Cromwell, while Wachtell, Lipton, Rosen & Katz is advising Capital One, as noted in their partnership.