PRA Group CEO Kevin Stevenson out, Vikram Atal in; CFPB lawsuit settled for $27M

PRA GROUP INC

CEO Kevin Stevenson terminated without cause effective March 27, 2023; Vikram Atal, board member since 2015, appointed President and CEO.
Atal's compensation: $950k base salary, $1.5M restricted stock units vesting over 3 years, target bonus $950k.
CFPB lawsuit settled: LLC pays $12M civil penalty and ~$15M to consumers (less than 0.1% of active accounts).
Majority of settlement financial impact already reflected in Dec 2022 financials; no material adverse impact expected.
Stevenson to receive separation payments per existing agreement, remains subject to non-compete/non-solicitation.

item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Vikram A. Atal

President and Chief Executive Officer

PRAA · PRA GROUP INC

Effective: 2023-03-27
Filed: March 28, 2023, 7:59 PM ET

On March 22, 2023, the Board also appointed Vikram A. Atal, a member of the Board since 2015, as the Company’s President and Chief Executive Officer effective March 27, 2023.

Departed

Kevin P. Stevenson

President and Chief Executive Officer

PRAA · PRA GROUP INC

Effective: 2023-03-27
Successor: Vikram A. Atal
Filed: March 28, 2023, 7:59 PM ET

On March 22, 2023, the Board of Directors (“Board”) of PRA Group, Inc. (the “Company”) approved the termination without cause of Kevin P. Stevenson’s employment as the Company’s President and Chief Executive Officer effective March 27, 2023 consistent with the terms of the existing employment agreement between the Company and Mr. Stevenson (the “Stevenson Employment Agreement”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Vikram A. Atal was appointed as President and Chief Executive Officer at PRA GROUP INC.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On March 22, 2023, the Board also appointed Vikram A. Atal, a member of the Board since 2015, as the Company’s President and Chief Executive Officer effective March 27, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Kevin P. Stevenson departed as President and Chief Executive Officer at PRA GROUP INC.

Action: terminated without cause
Role: President and Chief Executive Officer

Exact text from the filing

On March 22, 2023, the Board of Directors (“Board”) of PRA Group, Inc. (the “Company”) approved the termination without cause of Kevin P. Stevenson’s employment as the Company’s President and Chief Executive Officer effective March 27, 2023 consistent with the terms of the existing employment agreement between the Company and Mr. Stevenson (the “Stevenson Employment Agreement”).

View on SEC.gov

PRA GROUP INC filing history →

Source: SEC EDGAR

accession 0001185348-23-000011

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