Roger Hochschild’s sudden departure as CEO of Discover Financial sent shockwaves through the stock market, causing shares to plummet by over 9% on Tuesday. The company announced the news after markets closed on Monday, leaving investors and analysts scrambling to understand the implications of this unexpected change in leadership.

John Owen, a board member and former CFO of Regions, has been appointed as the interim CEO and president while Discover searches for a permanent replacement. The company has enlisted the help of a global executive search firm to assist in finding a suitable candidate to fill the vacancy left by Hochschild.

While Discover did not provide a specific reason for Hochschild’s departure, the board and the former CEO reportedly agreed that it was the right time for a leadership transition. Hochschild, who has been with the company for 25 years and took on the role of CEO in 2018, will remain in an advisory capacity until the end of the year.

The sudden change in leadership has raised concerns among investors about the future direction of Discover Financial. Hochschild was widely regarded as a seasoned executive who had successfully steered the company through challenging times, and his departure has left many wondering about the company’s strategic vision moving forward.

Despite the uncertainty surrounding the leadership transition, Discover Financial remains committed to its long-term growth and success. The company has a strong track record of innovation and customer service, and it is well-positioned to weather the current storm and emerge even stronger in the future.

As the search for a new CEO gets underway, investors will be closely monitoring Discover Financial’s performance and strategic decisions in the coming months. The company’s stock may have taken a hit in the short term, but with the right leadership in place, Discover has the potential to bounce back and regain investor confidence in the long run.