PRA Group, Inc. (NASDAQ: PRAA) has announced a significant leadership succession plan, with Martin Sjolund being appointed as the President and Chief Executive Officer (CEO), effective from June 17, 2025. Sjolund, who currently serves as the President of PRA Group Europe, has been instrumental in overseeing successful portfolio investments totaling nearly $3 billion across Europe, Canada, and Australia.
Under Sjolund's leadership, the European business witnessed a substantial improvement in profitability, with successful expansion into two new markets. Notably, the IT infrastructure and contact platforms were modernized, the data and analytics function was enhanced, and one of Europe's most cost-efficient debt buying platforms was created.
Prior to his current role, Sjolund served as the Chief Operating Officer of Europe from 2015 to 2018, and he also held leadership positions in global technology companies. His extensive industry knowledge and track record in the European business have positioned him as a strong successor to lead PRA Group into its next phase of growth.
This leadership change comes as Vikram Atal, the current President and CEO, announced his retirement and will serve as a senior advisor through December 31, 2025. Atal expressed confidence in Sjolund's ability to further strengthen PRA Group's global leadership position, citing his strong track record, extensive industry knowledge, thoughtful leadership, and commitment to the company's culture and customers.
During Atal's tenure, PRA Group achieved record global portfolio purchases and double-digit cash growth, expanded its leadership team, improved operational processes, and strengthened its capital structure. These actions have positioned the company to continue driving forward, delivering value to shareholders.
This succession plan marks a pivotal moment for PRA Group, signifying the board's commitment to enabling long-term, profitable growth and ensuring a smooth transition of leadership. As the company prepares to enter its next phase of growth, Sjolund's appointment as the new President and CEO sets the stage for continued success and value creation for shareholders. As a result of these announcements, the company's shares have moved -8.9% on the market, and are now trading at a price of $16.34. For the full picture, make sure to review PRA's 8-K report.
