- Signs for push-out forces
- After 21 years on the job
- Laud, praise and thanks for Fredrickson
- Kevin Stevenson taking over
- Fredrickson will remain as executive chairman
- Fredrickson made a lengthy statement and said 150 words
(exechange) — Norfolk, Virginia, February 28, 2017 — Steve Fredrickson, chief executive of PRA Group, leaves the position. As announced by PRA Group, Inc. in a news release on Tuesday, February 28, 2017, Steven D. (Steve) Fredrickson leaves the post as chief executive officer at the debt buyer after 21 years on the job, effective June 01, 2017.
It is the end of an era.
Fredrickson’s duties are taken over by Kevin Stevenson, currently president and chief administrative officer at PRA Group, Inc.
“Long-term succession plan”
The management change is explained as follows. PRA Group said: “Mr. Stevenson, who co-founded PRA Group and currently serves as president and chief administrative officer, is being appointed as a part of the Board of Directors’ long-term succession plan which was developed when Mr. Fredrickson informed the Board of his desire to eventually step down as CEO. The plan included Mr. Stevenson’s appointment as president and CAO as well as a director of the Board in August 2015.”
PRA Group said: “Kevin Stevenson will succeed Steve Fredrickson as the chief executive officer of the Company following the 2017 Annual Meeting of Stockholders, which will be held on June 1, 2017.”
Fredrickson will remain as executive chairman at PRA Group
Fredrickson, who has served as CEO since founding PRA Group with Stevenson, will transition to a new role as executive chairman of the PRA Group Board of Directors, where he will continue to focus on helping PRA Group’s strategy, vision and business development efforts.
“This planned succession was designed to position the Company for continued success while building on the foundation and principles the Company has maintained for the past 21 years,” PRA Group said.
Share price decline
The change follows a decline in the share price of PRA Group, Inc. since August 2015.
On the job as CEO since 1996
Fredrickson co-founded PRA with Stevenson in 1996.
He has been CEO since that time, and has been Chairman of the Board of Directors and CEO from PRA Group’s 2002 IPO.
Under his leadership, PRA has grown from a start-up to a global leader in nonperforming loan purchasing and servicing with more than 4,000 employees in 14 countries. Fredrickson has 35 years of experience in financial services including leadership roles at Household Recovery Services’ Portfolio Services Group and Household Commercial Financial Services.
Prior to joining Household, Fredrickson specialized in corporate and real estate workouts at Continental Bank of Chicago. Fredrickson has an MBA from the University of Illinois and a bachelor’s degree from the University of Denver.
In addition, he is very active in the community, serving as a member of the board of directors for United Way of South Hampton Roads and the St. Mary’s Home Foundation.
He is also on the executive advisory council of the College of Business and Public Administration at Old Dominion University and is a Trustee of the Eastern Virginia Medical School Foundation.
Signs for push-out forces
It is not completely certain what forces eventually triggered Steve Fredrickson’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 10.2017 ($).