Shantel
Key Takeaways:
- Pete Graham is departing from his role as the CFO of PRA Group to join a larger public company.
- Rakesh Sehgal is appointed as the new Executive Vice President and CFO, succeeding Graham.
- Sehgal brings over 25 years of financial services experience and previously headed Corporate Development at PRA Group.
- This transition aligns with PRA Group’s succession planning and long-term strategic goals.
About PRA Group, Inc.
Founded with the objective of returning capital to banks and other creditors, PRA Group, Inc. is a global frontrunner in acquiring and collecting nonperforming loans. The company operates across the Americas, Europe, and Australia, collaborating with customers to resolve their debt issues. Employing thousands worldwide, PRA Group stands as a pillar in the financial services industry, committed to ethical debt recovery and consumer-focused solutions. For more information, you can visit PRA Group’s website.
A Farewell to Pete Graham: A Legacy of Modern Financial Management
“On behalf of the Board and management team, I want to thank Pete for his leadership and contribution to the Company over the last seven years,” says Vikram Atal, the President and Chief Executive Officer of PRA Group.
Pete Graham leaves behind an illustrious legacy at PRA Group. As the CFO, he ushered the company into the modern era of financial operations. His tenure saw the first credit rating for PRA Group and the issuance of over $1 billion in senior notes. Furthermore, Graham was instrumental in developing an advanced financial risk management framework, which included capabilities for managing interest rate and foreign currency risk. As Graham departs to take on new challenges at a larger public company, the industry will be watching to see how his financial acumen will influence his next role.
Rakesh Sehgal: A Financial Strategist with a Stellar Track Record
“Rakesh’s strategic mindset and purpose-driven leadership will make him an invaluable asset to our executive team,” Vikram Atal notes, adding optimism and confidence about the new appointment.
Having joined PRA Group in 2022 as the Head of Corporate Development, Rakesh Sehgal is no stranger to the company’s operational mechanisms. Prior to this, he served as the Managing Director in the Mergers and Acquisitions Group at General Electric and GE Capital. His tenure at GE saw him close deals worth over $50 billion, emphasizing his deep expertise in corporate finance.
But Sehgal’s experience isn’t confined to GE; he also has a rich history of roles at Barclays Capital and Lehman Brothers. This diversified background gives him an edge in understanding the nuances of the financial services industry, including advising on mergers, acquisitions, and leveraged finance transactions.
Sehgal’s Ascent: Perfectly Aligned with PRA Group’s Strategic Objectives
The appointment of Sehgal is more than just a C-suite shuffle; it’s an alignment with PRA Group’s strategic objectives. Atal sees Sehgal’s “deep corporate finance knowledge and significant financial markets expertise” as key factors in leading the company’s finance organization and helping achieve its strategic priorities.
Sehgal’s role will be pivotal, especially when it comes to navigating the complex landscape of debt collection across multiple continents. His previous stints at multinational companies provide him with the global perspective needed to steer PRA Group through the intricacies of international finance.
The Strategic Importance of the CFO Transition
In a highly regulated industry like debt collection, where compliance and consumer satisfaction are paramount, the role of a CFO extends beyond mere number-crunching. The CFO plays a crucial role in shaping the organization’s strategy and public perception. Sehgal’s appointment, therefore, suggests an organizational focus on not just financial performance but also on ethical debt recovery and customer relations.
His track record in mergers and acquisitions is particularly noteworthy, given the increasing role of strategic partnerships in expanding PRA Group’s global footprint.
The Road Ahead: What Stakeholders Can Expect
PRA Group’s stakeholders, both internal and external, can look forward to a revitalized financial strategy, one that promises to be as innovative as it is stable. Sehgal’s appointment marks a new chapter in the company’s journey, one that aligns with its long-term goals and commitments to stakeholders.
This leadership transition is not merely a change in personnel but a strategic move designed to fortify PRA Group’s position as a global leader in debt collection services. As Vikram Atal puts it, Sehgal’s “experience in the financial services industry, deep corporate finance knowledge, and significant financial markets expertise position him well” for the challenges and opportunities that lie ahead.
The change signals an organizational readiness to adapt, innovate, and lead in an ever-evolving financial landscape. Sehgal’s role will undoubtedly be under the microscope, but if his track record is any indication, PRA Group is set to enter an exciting new era of financial leadership.
