Wintrust Business Minute: Discover’s interim CEO gets pay raise while working on Capital One deal

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

The interim CEO and president of Riverwoods-based Discover Financial Services is getting a pay raise as he works to complete the company’s acquisition by Capital One. J. Michael Shepherd will get about $1.7 million this month and $750,000 in May and June. He’s also eligible for a $2.4 million bonus if the Capital One deal closes on or before June 30. The details are listed in a filing with the U.S. Securities & Exchange Commission. When he was hired, Sheperd was promised about $1.2 million a year and a stock option grant of about $5.7 million. Discover’s stock has risen about 30% since he took the helm.

Also, H-Food Holding, the holding company for Downers Grove-based Hearthside Food Solutions has emerged from bankruptcy. Listen for more below: