In a recent 8-K filing with the Securities and Exchange Commission, Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), a company specializing in financial services, reported the departure of Scott Bower as the principal accounting officer, effective September 20, 2024.
The filing dated September 16, 2024, indicated that Bower's decision to resign is not due to any disagreements with the company regarding its financial statements, operations, or practices. Bower expressed gratitude for his tenure at Pagaya and confidence in the company's management and mission.
To ensure continuity, Nam Woo Kim, currently the Vice President of Accounting and Financial Reporting at Pagaya, will take over Bower's responsibilities on an interim basis starting September 20, 2024. Kim, who has been with Pagaya since 2022, has a background in financial reporting and compliance, with previous experience at Blade and Prudential Financial (NYSE:PRU), Inc. He holds CPA and CFA designations.
The search for a permanent successor to Bower is underway, with a leading executive recruiting firm engaged to lead the effort. The company has not disclosed any additional contractual arrangements or family relationships pertaining to Kim's interim appointment. This executive shift comes as Pagaya continues to focus on its mission to expand credit access. This article is based on a press release statement.
In other recent news, Pagaya Technologies reported significant Q2 2024 earnings with a network volume of $2.3 billion and a record $50 million in adjusted EBITDA. The company sustained a net loss of $75 million due to share-based compensation and fair value adjustments, but raised its full-year outlook, indicating strong growth in fee revenue less production costs and four consecutive quarters of positive operating cash flow.
In other major developments, Pagaya Technologies signed a $1 billion forward flow agreement with Castlelake and achieved a AAA rating on its personal loan ABS program. The company also brought on board a new Chief Risk Officer, Rajinder Singh, a veteran in the banking and financial services industry. Singh's appointment is expected to enhance the company's risk management strategies.
Benchmark initiated coverage of Pagaya shares with a Buy rating, suggesting the company's potential to self-fund its growth may lead to GAAP net income profitability by 2025. These recent developments underscore Pagaya's robust financial health and strategic advancements, positioning the company for continued growth.
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