Pete Graham to
depart as CFO; Rakesh Sehgal
appointed EVP and CFO
NORFOLK,
Va., Aug. 24, 2023 /PRNewswire/ -- PRA Group,
Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring
and collecting nonperforming loans, announced today that
Pete Graham, Executive Vice
President and Chief Financial Officer, has accepted a CFO role at a
larger public company and is leaving the Company on September 15, 2023. Rakesh Sehgal will
succeed Graham as Executive Vice President and Chief Financial
Officer, in line with the Company's succession planning.
Sehgal joined PRA Group in 2022 as Head of Corporate Development
and has over 25 years of experience in the financial services
industry. He previously served as Managing Director in the Mergers
and Acquisitions Group at General Electric and GE Capital, where he
closed over $50 billion of
transactions. Prior to spending nine years at GE, Sehgal was at
Barclays Capital and Lehman Brothers in the Investment Banking
Group, where he advised specialty finance and other companies on
mergers and acquisitions and leveraged finance transactions.
"On behalf of the Board and management team, I want to thank
Pete for his leadership and contribution to the Company over the
last seven years. He led the modernization of our financial
operations, obtained our first credit rating, issued over
$1 billion in senior notes, and
created an enhanced financial risk management framework for
managing interest rate and foreign currency risk. We wish him well
in the next chapter of his professional journey," said Vikram Atal, President and Chief Executive
Officer. "Rakesh's strategic mindset and purpose-driven leadership
will make him an invaluable asset to our executive team. As we move
forward, Rakesh's experience in the financial services
industry, deep corporate finance knowledge and significant
financial markets expertise position him well to lead our finance
organization and help us achieve our strategic priorities."
About PRA Group, Inc.
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.
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) 431-3398
Elizabeth.Kersey@PRAGroup.com
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SOURCE PRA Group