Discover Financial Services announced Shifra Kolsky has been promoted to the role of senior vice president, controller & chief accounting officer. Kolsky will serve on the management committee and replaces Ed McGrogan, who plans to retire at the end of 2020 after 12 years with the company.
Kolsky has been with Discover for 11 years and was promoted to vice president, assistant controller in 2015. Prior to that, she was director, corporate accounting and reporting. She was instrumental in driving several key initiatives, including significant accounting changes and compliance with the Sarbanes-Oxley Act. Kolsky also oversaw implementation of robotic process automation in the finance function.
McGrogan was elected controller & chief accounting officer by the board of directors in December 2012 and promoted to senior vice president in 2016. He led the integration of the company’s finance and accounting functions for Discover’s acquisitions; helped guide the implementation of bank holding company reporting requirements; and oversaw significant accounting changes, including the new current expected credit losses (CECL) accounting standard, securitization consolidation, and revenue recognition.