Glenn Marino has been appointed to the Board of Directors of PRA Group, Inc., a global leader in the acquisition and collection of nonperforming loans, with effect from March 15, 2024. The announcement was made today.
Marino joins the PRA Group Board with more than thirty years of expertise in the consumer finance sector. Most recently, he was the CEO, Chief Commercial Officer, and Executive Vice President of Synchrony Financial, Inc., a $18 billion financial services corporation, overseeing the Payment Solutions division. Marino led GE’s North American retail finance division as CEO of Sales Finance before Synchrony was spun out. He then went on to lead the division as CEO of Payment Solutions and Chief Commercial Officer. In the past, he was also the CEO of Monogram Credit Services, a GE and Bank One Corporation joint venture. At the moment, Marino is a member of Upbound Group, Inc.’s board of directors.
Steve Fredrickson, the Chairman of the PRA Group Board, expressed his pleasure in welcoming Glenn to the Board during this significant juncture in the company’s evolution. The Board and management team will benefit from Glenn’s extensive industry knowledge and proven track record of success as we carry out our plan and set PRA Group up for success going forward. As we move forward with our plans to spur profitable growth, we look forward to gaining from his knowledge and experience.
According to Marino, PRA Group is a reputable leader in the nonperforming credit sector. The company has come a long way in the previous year, and he is eager to help continue the important work that has already been done to stabilize performance and propel PRA Group’s recovery.
The PRA Group Board regularly assesses its membership to make sure that it has the proper balance of knowledge, experience, and viewpoints to successfully supervise management and increase shareholder value. Marino’s nomination comes after an extensive search for a new director, carried out by the Board in association with Engaged Capital, LLC, a shareholder of the company. In keeping with the Board’s commitment to continuous refreshment, six directors who were appointed in the previous six years will be on the board after Marino’s appointment.
“They value PRA Group’s positive involvement and cooperative approach throughout this refreshment process,” stated Engaged Capital’s founder and CIO, Glenn W. Welling. We are certain that Mr. Marino will be a great asset to the Company’s Board given his breadth of industry experience and track record of success. We also look forward to seeing the PRA Group team maintain its strong performance and enhance value for investors.
PRA Group, Inc. is a leader in the world of acquiring and recovering nonperforming loans. It provides cash to banks and other creditors so they can increase the availability of financial services for customers in the Americas, Europe, and Australia. PRA Group, Inc. firms work with clients to assist them settle debt; they employ thousands of people worldwide.
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