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Discover Financial Services

No. 2 executive at Discover made more than his boss last year

No. 2 executive at Discover made more than his boss last year

The No. 2 executive at Discover Financial outearned his boss last year.

President Roger Hochschild's total compensation nearly doubled in a year to $10.1 million, compared with the relatively flat $8.5 million pulled in by Chief Executive David Nelms.

Mark Graf, the chief financial officer of the Riverwoods-based financial services company, saw his compensation more than double to $7 million.

Discover's proxy statement, filed Thursday with the Securities and Exchange Commission, explains that Graf and Hochschild got "special awards" — specifically restricted stock units valued at $4 million and $5.4 million, respectively — as a way to...

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