Appointment Follows Constructive Engagement
with Engaged Capital
NORFOLK,
Va., March 12, 2024 /PRNewswire/ -- PRA Group,
Inc. (Nasdaq: PRAA) ("PRA Group" or the "Company"), a global leader
in acquiring and collecting nonperforming loans, announced today
the appointment of Glenn Marino to
the Company's Board of Directors (the "Board"), effective
March 15, 2024.
Marino brings 30+ years of experience in the consumer finance
industry to the PRA Group Board. Most recently, he served as
Executive Vice President, Chief Commercial Officer and CEO of the
Payment Solutions business at Synchrony Financial, Inc.
("Synchrony"), an $18 billion
financial services company. Prior to the spin-off of Synchrony by
General Electric Corporation ("GE"), Marino was CEO of Sales
Finance for GE's North American retail finance business, and later
served as CEO of Payment Solutions and Chief Commercial Officer for
the business. He also previously served as CEO of Monogram Credit
Services, a joint venture between GE and Bank One Corporation (now
part of JPMorgan Chase). Currently, Marino serves on the board of
directors of Upbound Group, Inc. (formerly Rent-A-Center).
"We are pleased to welcome Glenn to the Board at this important
time in our Company's transformation," said Steve Fredrickson, Chairman of the PRA Group
Board. "Glenn's deep industry experience and track record of
execution will be an asset to the Board and management team as we
execute on our strategy and position PRA Group for the future.
We look forward to benefiting from his insights and expertise as we
continue to advance our initiatives to drive profitable
growth."
"PRA Group is a well-established leader in the nonperforming
loan industry," said Marino. "The Company has made impressive
strides over the last year and I look forward to supporting the
significant work already underway to stabilize performance and
drive PRA Group's turnaround."
The PRA Group Board regularly reviews its composition to ensure
it reflects the right mix of skills, expertise and diversity of
perspectives to effectively oversee management and enhance
shareholder value. Marino's appointment follows a thorough director
search process conducted by the Board in collaboration with Engaged
Capital, LLC ("Engaged Capital"), one of the Company's
stockholders. Following Marino's appointment, the Board will
include six directors appointed in the last six years, consistent
with the Board's commitment to ongoing refreshment.
"We appreciate PRA Group's constructive engagement and
collaborative approach to this refreshment process," said
Glenn W. Welling, Founder and CIO of
Engaged Capital. "We are confident that Mr. Marino's extensive
sector knowledge and proven skillset make him a valuable addition
to the Company's Board, and we look forward to seeing the PRA Group
team continue to execute well and create value for
stockholders."
About PRA Group
As a global leader in acquiring and
collecting nonperforming loans, PRA Group, Inc. returns capital to
banks and other creditors to help expand financial services for
consumers in the Americas, Europe
and Australia. With thousands of
employees worldwide, PRA Group, Inc. companies collaborate with
customers to help them resolve their debt. For more information,
please visit www.pragroup.com.
Forward-Looking Statements
Statements in this press
release, other than statements of historical fact, are
forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements are based on our
current beliefs, projections, assumptions and expectations
concerning future operations and financial performance. Such
statements involve uncertainties and risks, some of which are not
currently known to us, and may be superseded by future events that
could cause actual results to differ materially from those
expressed or implied in this press release. You are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date of this press release and are qualified in
their entirety by these cautionary statements. Information
regarding risks and other factors that could cause our actual
results to differ materially from our expectations can be found in
our most recent Annual Report on Form 10-K and in subsequent
Securities and Exchange Commission filings and should be considered
when evaluating the forward-looking statements in this press
release. Except as required by law, we assume no obligation to
update or revise these statements to reflect changes in the events,
conditions, or circumstances upon which any such forward-looking
statements are based.
Investor Contact:
Najim
Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com
News Media Contact:
Elizabeth
Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
Elizabeth.Kersey@PRAGroup.com
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SOURCE PRA Group, Inc.