Mr. Morris has served as a senior managing director of Brock Capital Group, LLC, an advisory and investment banking firm, since 2010. He retired from Ernst & Young LLP in 2010 where he was a principal. During his 14-year tenure, he provided consulting and advisory services, including fraud investigations, structured finance and real estate finance, to large financial services clients. He also served on one of the firm's governance committees for a three-year term.

"Walter brings with him more than 30 years of experience and knowledge in the financial services industry," said David Nelms, chairman and chief executive officer for Discover. "Walter's strong financial background, including his extensive experience in banking, will play a key role as we solidify Discover as a leading direct bank and payments partner."

Prior to joining Ernst & Young LLP, Mr. Morris held executive leadership positions in corporate and international banking, capital markets, mortgage banking and real estate finance. He has served as president and chief executive officer of a large U.S. mortgage bank and senior vice president of a major commercial bank. In July 2010, Mr. Morris was appointed to serve a four-year term on the Board of the Directors of the Federal Home Loan Banks - Office of Finance and is an Audit Committee member.

Mr. Morris serves on the Audit Committee of the company's Board of Directors.