NORFOLK, Va. - PRA Group, Inc. (NASDAQ:PRAA), a company specializing in the acquisition and collection of nonperforming loans, has announced the appointment of Steve Macke as its new global operations officer, set to begin on April 29. Macke, a veteran with over 30 years of experience in the consumer finance industry, will report directly to PRA Group President and CEO Vik Atal.
In his new role, Macke will be responsible for the oversight of the company's call centers, legal recovery, digital, and insolvency operations. His appointment follows an external search for a candidate with a track record of managing complex operations and enhancing productivity.
Atal expressed confidence in Macke's ability to drive operational execution and improve efficiency within PRA Group.
Macke's extensive background includes various leadership positions at Citigroup, where he started as a collector in 1991 and ascended to managing director and global head of contact centers. His expertise encompasses collections, default management, recovery strategy, and business planning and analysis. He holds a Bachelor of Business Administration degree in Management and Finance from the University of Cincinnati.
Macke's appointment is part of PRA Group's ongoing efforts to strengthen its operations and deliver increased value to shareholders while serving customers, employees, and communities. The company, which operates globally, is known for returning capital to banks and other creditors, thereby aiding in the expansion of financial services in the Americas, Europe, and Australia.
This announcement is grounded in a press release statement issued by PRA Group.
InvestingPro Insights
As PRA Group, Inc. (NASDAQ:PRAA) welcomes Steve Macke as the new global operations officer, the company's financial health and market performance remain crucial for investors. According to InvestingPro data, the company's market capitalization stands at $943.5 million, reflecting its value in the eyes of investors.
Despite challenges, analysts on InvestingPro expect net income growth this year, which could signal a turnaround for the company that has not been profitable over the last twelve months.
InvestingPro Tips reveal that PRA Group's stock has experienced a significant decline over the past week, with a 10.9% drop in price total return. This could be an area of concern for investors, although it's worth noting that the company's liquid assets exceed its short-term obligations, indicating a degree of financial stability.
Furthermore, the company's P/E ratio, a measure of its current share price relative to its per-share earnings, is currently negative at -11.25, suggesting that the market expects future earnings growth.
For those considering an investment in PRA Group, the InvestingPro platform offers a wealth of additional tips—there are 6 more InvestingPro Tips available, which could provide deeper insights into the company's prospects. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable analytics and forecasts.
As PRA Group aims to enhance its operational efficiency under Macke's leadership, these financial metrics and insights will be essential for stakeholders to monitor the company's progress and make informed investment decisions.
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