UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Chief Executive Officer and Director Transitions
On April 2, 2025, Vikram A. Atal, President and Chief Executive Officer of PRA Group, Inc. (the “Company”), notified the Company’s Board of Directors (the “Board”) of his decision to retire as President and Chief Executive Officer and as a member of the Board, effective on June 17, 2025, immediately following the Company’s 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”). As a result, Mr. Atal will not stand for re-election to the Board at the 2025 Annual Meeting. Mr. Atal’s decision to retire was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Atal will remain an employee of the Company in a Senior Advisor role until December 31, 2025.
On April 2, 2025, the Board appointed Martin Sjolund to succeed Mr. Atal as the Company’s President and Chief Executive Officer, effective on June 17, 2025, immediately following the 2025 Annual Meeting.
Mr. Sjolund, age 52, has served as the President of PRA Group Europe since June 2018, leading all areas of the European business, with expanded responsibility for Canada and Australia beginning in 2023. Mr. Sjolund served as Director – Group Strategy and Corporate Development (Europe) of Aktiv Kapital from 2011 to 2014 when Aktiv Kapital was acquired by the Company. He held the same position with the Company until November 2015 when he was appointed Chief Operating Officer – Europe, a position he held until June 2018.
There are no arrangements or understandings between Mr. Sjolund and any other persons pursuant to which he was appointed as President and Chief Executive Officer. There are no family relationships between Mr. Sjolund and any director or executive officer of the Company, and Mr. Sjolund has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
As of the date of this Current Report on Form 8-K, no compensation determinations have been made related to the appointment of Mr. Sjolund discussed above. The terms and conditions of Mr. Sjolund’s employment and compensation continue to apply.
In addition, on April 2, 2025, Glenn P. Marino notified the Company of his decision to retire from the Board immediately following the 2025 Annual Meeting. Mr. Marino’s decision to retire was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. As a result, Mr. Marino will not stand for re-election to the Board at the 2025 Annual Meeting.
Separation Arrangement with Current Chief Executive Officer
Mr. Atal will receive the separation benefits payable in accordance with the terms of his previously disclosed employment agreement and equity award agreements. See the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 7, 2023, for further information.
In connection with his retirement, Mr. Atal will provide the Company with a general release of claims and will remain subject to certain non-compete, non-solicitation and confidentiality restrictive covenants for a period following his resignation from the Company.
| Item 7.01 | Regulation FD Disclosure. |
On April 7, 2025, the Company issued a press release announcing the leadership transition discussed in Item 5.02 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.
None of the information furnished in Item 7.01 or Exhibit 99.1 of this Current Report on Form 8-K shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. Unless expressly set forth by specific reference in such filings, none of the information
furnished in this Current Report on Form 8-K shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | Press Release dated April 7, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
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: April 7, 2025 | By: | /s/ Rakesh Sehgal | ||||
| Rakesh Sehgal | ||||||
| Executive Vice President and Chief Financial Officer | ||||||