PRA Group Announces the Retirement of Penelope W. Kyle from the Board of Directors

Rhea-AI Summary

PRA Group, Inc. (Nasdaq: PRAA) announced the retirement of Penelope W. Kyle from its Board of Directors, effective upon the upcoming annual meeting. Ms. Kyle has been a board member since 2005 and held various leadership roles, including chair of the Nominating and Corporate Governance Committee. The company chairman, Steve Fredrickson, acknowledged her contributions to establishing PRA Group as a leader in the nonperforming loan industry. The organization focuses on assisting banks and creditors in managing nonperforming loans globally.

Positive

• PRA Group acknowledges Penelope W. Kyle's contributions to the company, indicating strong leadership presence.
• The organization's continued focus on expanding its role in the nonperforming loan market supports investor confidence.

Negative

• The retirement of a long-serving board member may raise concerns about future leadership continuity.
• Potential experience gaps in the board could impact strategic decision-making.

NORFOLK, Va., Feb. 24, 2021 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that Penelope W. Kyle is retiring from the Company's Board of Directors.  Ms. Kyle, who was first appointed to the Board in 2005, recently provided notice that she will not stand for re-election at this year's annual meeting of stockholders.  Ms. Kyle has served as a member of the Nominating and Corporate Governance Committee since 2005 and its Chair from 2011 to 2019.  She also served as a member of the Compensation Committee from 2005 to 2010 and has served as a member of the Compliance Committee since 2014. 

"Penny's extensive experience in leadership roles in law, business and government was invaluable as we became a global leader in the nonperforming loan industry," said Steve Fredrickson, chairman of the PRA Group Board.  "On behalf of everyone at the Company I want to thank Penny for her years of service and wish her all the best in the next chapter of her life."

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 and Europe. 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:
Darby Schoenfeld, CPA
Vice President, Investor Relations
(757) 431-7913
Darby.Schoenfeld@PRAGroup.com

News Media Contact:
Elizabeth Kersey
Vice President, Communications and Public Policy
(757) 431-3398
Elizabeth.Kersey@PRAGroup.com

View original content:http://www.prnewswire.com/news-releases/pra-group-announces-the-retirement-of-penelope-w-kyle-from-the-board-of-directors-301234823.html

SOURCE PRA Group

FAQ

What prompted Penelope W. Kyle's retirement from PRAA's Board of Directors?

Penelope W. Kyle provided notice that she would not stand for re-election at the annual meeting.

How long did Penelope W. Kyle serve on PRAA's Board?

Penelope W. Kyle served on PRAA's Board of Directors since 2005.

What roles did Penelope W. Kyle hold while serving on PRAA's Board?

Ms. Kyle served on the Nominating and Corporate Governance Committee and was its Chair from 2011 to 2019, among other roles.

How might Penelope W. Kyle's retirement affect PRAA's operations?

Her retirement could impact leadership continuity and strategic decision-making within the Board.