PRA Group Appoints New CFO, Kevin Stevenson
Ticker: PRAA · Form: 8-K · Filed: Dec 18, 2024 · CIK: 1185348
| Field | Detail |
|---|---|
| Company | Pra Group Inc (PRAA) |
| Form Type | 8-K |
| Filed Date | Dec 18, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: PRAA
TL;DR
PRA Group just hired a new CFO, Kevin Stevenson, starting Dec 16th. Big payday potential!
AI Summary
PRA Group, Inc. announced on December 12, 2024, the appointment of Kevin S. Stevenson as Chief Financial Officer, effective December 16, 2024. Stevenson previously served as Executive Vice President and Chief Financial Officer of Enact Holdings, Inc. He will receive an annual base salary of $450,000 and is eligible for a discretionary annual bonus with a target of 100% of his base salary.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy moving forward.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $450,000 — CFO Base Salary (Annual compensation for Kevin S. Stevenson.)
- 100% — CFO Bonus Target (Potential annual bonus for Kevin S. Stevenson.)
Key Players & Entities
- PRA Group, Inc. (company) — Registrant
- Kevin S. Stevenson (person) — Newly appointed Chief Financial Officer
- December 16, 2024 (date) — Effective date of CFO appointment
- Enact Holdings, Inc. (company) — Previous employer of new CFO
- $450,000 (dollar_amount) — Annual base salary for new CFO
- 100% (dollar_amount) — Target bonus percentage for new CFO
FAQ
What is Kevin S. Stevenson's prior experience relevant to his new role?
Kevin S. Stevenson previously served as Executive Vice President and Chief Financial Officer of Enact Holdings, Inc.
When does Kevin S. Stevenson's appointment as CFO become effective?
The appointment is effective December 16, 2024.
What is the target bonus for the new CFO?
The target bonus for Kevin S. Stevenson is 100% of his base salary.
What is the base salary for the new CFO?
The annual base salary for Kevin S. Stevenson is $450,000.
What was the previous company name for PRA Group, Inc.?
The former company name was PORTFOLIO RECOVERY ASSOCIATES INC, with a date of name change on September 3, 2002.
Filing Stats: 925 words · 4 min read · ~3 pages · Grade level 13.5 · Accepted 2024-12-17 17:37:52
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share PRAA NASDAQ Global
Filing Documents
- praa-20241212.htm (8-K) — 31KB
- 0001185348-24-000056.txt ( ) — 152KB
- praa-20241212.xsd (EX-101.SCH) — 2KB
- praa-20241212_lab.xml (EX-101.LAB) — 21KB
- praa-20241212_pre.xml (EX-101.PRE) — 12KB
- praa-20241212_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Election of Director On December 12, 2024, the Board of Directors (the "Board") of PRA Group, Inc. (the "Company") elected Adrian M. Butler as an independent director effective January 1, 2025. Mr. Butler will receive compensation for his services as an independent director in accordance with the Company's standard compensation program for non-employee directors, which was previously disclosed in the Company's Proxy Statement for the Company's 2024 Annual Meeting of Stockholders that was filed with the Securities and Exchange Commission on April 29, 2024. Mr. Butler will serve on the Board's Risk Committee. Mr. Butler has no family relationships with any of the Company's executive officers or directors. There are no arrangements or understandings between Mr. Butler and any other person pursuant to which he was appointed as a director, nor have there been any transactions since the beginning of the Company's last fiscal year, or any proposed transactions, to which the Company or any of its subsidiaries was or is to be a party, in which he had or has an interest requiring disclosure under Item 404(a) or Regulation S-K of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Compensatory Arrangements of Certain Officers On December 12, 2024, the Board approved participation by named executive officers Rakesh Sehgal, the Company's Executive Vice President and Chief Financial Officer, and LaTisha O. Tarrant, the Company's Executive Vice President, General Counsel and Chief Human Resources Officer (the "Covered Participants") in its Executive Severance Plan (the "Severance Plan"), which provides for certain payments and other benefits. Upon a Qualifying Termination (as defined in the Severance Plan), the Covered Participant will receive the following: (i) a severance payment equal to one time
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRA Group, Inc. Date: December 17, 2024 By: /s/ Rakesh Sehgal Rakesh Sehgal Executive Vice President and Chief Financial Officer