Geir Olsen
PRA GROUPAbout Geir L. Olsen
Independent director of PRA Group (PRAA). Age 52. Background spans CEO roles in European debt purchasing and technology-led transformations: CEO, Andenes Investments (finance/tech private investment) since 2018; CEO and board member, Aktiv Kapital AS (2011–2014) until its acquisition by PRA; CEO, PRA Group Europe (2014–2016); earlier leadership roles at Cisco/Tandberg and consultant at McKinsey. Master of Economics, Norwegian School of Economics. Determined independent under Nasdaq/SEC standards; attended at least 75% of Board/committee meetings in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Andenes Investments | CEO (private investment company focused on finance/technology) | 2018–present | Leads investment strategy in finance/technology; informs PRA tech/data oversight |
| Aktiv Kapital AS | CEO and Board Member | Sep 2011–2014 (acquired by PRA in 2014) | Deep domain expertise in European consumer debt purchasing; integration relevance to PRA |
| PRA Group Europe | CEO | Aug 2014–Jan 2016 | Led European operations; operational expertise across markets |
| Cisco Systems / Tandberg | Leadership roles in sales, marketing, strategy | Pre-2011 | Technology and go-to-market background |
| McKinsey & Company | Consultant (financial services/technology) | 5 years prior to Tandberg | Strategy and performance transformation experience |
External Roles
| Organization | Exchange | Role | Tenure/Notes |
|---|---|---|---|
| Pexip ASA | Oslo | Director | Current; Norwegian technology company |
| Avida Finans AB | Private | Board Member | Current portfolio company of Andenes Investments |
| Huma AS | Private | Board Member | Current portfolio company of Andenes Investments |
Board Governance
- Committee assignments (current): Compensation Committee member; Nominating & Corporate Governance Committee member. Not a committee chair. Compensation Committee held 6 meetings in 2024; Nominating & Corporate Governance held 6 meetings in 2024.
- Independence: Classified as independent by the Board under Nasdaq/SEC rules.
- Attendance: Board held 11 meetings in 2024; each director attended at least 75% of Board and applicable committee meetings.
- Lead Independent Director/Executive sessions: PRA has a Lead Independent Director; executive sessions of independent directors occur at each Board meeting. Roles of Chairman and CEO are separated; committees are composed solely of independent directors.
- Related-party transactions: The company reported no related-party transactions in 2024; Nominating & Corporate Governance Committee oversees related party approvals.
- Anti-pledging/hedging: Directors are prohibited from pledging or hedging company stock.
Fixed Compensation (Director)
| Year | Cash Retainer/Fees | Notes |
|---|---|---|
| 2024 | $92,500 | “Fees Earned or Paid in Cash” for Olsen in 2024 director comp table |
| Program design (2024 schedule) | Board member: $70,000; Committee member: $15,000 each; Committee chair: $30,000; Lead Independent Director: $30,000; Chairman: $125,000 | Retainer grid; no meeting fees; chairs receive chair retainer only (not also member fee) |
Performance Compensation (Director Equity)
| Year | Equity Type | Grant Value | Grant Mechanics / Vesting |
|---|---|---|---|
| 2024 | RSUs | $154,991 | Annual non-employee director award (~$155,000) granted on 2024 annual meeting date; vests on first anniversary or next annual meeting, if earlier; 2024 grant-date closing price reference $19.83 (June 13, 2024) |
| Total (2024) | RSU + Cash | $247,491 total | Olsen’s 2024 director total compensation (cash + stock) |
| 2023 (for trend) | RSUs | $154,978 | 2023 director stock award; Olsen cash fees $28,800, total $183,778 |
Director stock ownership guidelines: minimum of 5x the annual Board cash retainer to be met within 5 years of joining the Board. As of April 21, 2025, all non-employee directors with ≥5 years of service have met the requirement.
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Consideration |
|---|---|---|
| Pexip ASA | Director | No PRA-related transaction disclosed; standard outside public board |
| Avida Finans AB; Huma AS | Board Member | Portfolio companies of Andenes Investments; Company reported no related-party transactions in 2024 |
Expertise & Qualifications
- European consumer finance and debt purchase specialist; proven technology enablement background (Cisco/Tandberg) and strategy consulting (McKinsey).
- Brings international operating experience and strategic planning expertise across finance and technology, aligned with PRA’s IT/data and global footprint priorities.
Equity Ownership
| Holder | Shares Beneficially Owned | Notes |
|---|---|---|
| Geir L. Olsen | 38,215 | Includes 25,703 shares held indirectly via Andenes Investments SL; <1% of outstanding shares |
Anti-pledging: Company prohibits pledging or hedging of PRA shares by directors.
Insider Trades (Section 16)
| Item | Detail |
|---|---|
| Proxy disclosure of Section 16 compliance (2024) | Company states directors/officers complied with Section 16 reporting in 2024; only one late Form 4 noted for the CFO (not Olsen). No Olsen exceptions disclosed. |
Governance Assessment
- Strengths: Independent director; serves on Compensation and Nominating & Governance—committees central to pay oversight, board refresh/succession, and ESG; strong European consumer finance and tech-transformation credentials; consistent director equity grant aligns incentives; anti-hedging/pledging policy supports alignment; attendance threshold met.
- Ownership alignment: Holds 38,215 shares, including indirect holdings via Andenes Investments SL; director equity guidelines require 5x cash retainer within 5 years; policy prohibits pledging/hedging.
- Conflicts/related-party checks: No related-party transactions reported in 2024; Related Party Transaction Policy in place with committee oversight. External roles include Pexip ASA and private portfolio boards; no PRA-related transactions disclosed.
- Oversight effectiveness signals: Compensation Committee uses an independent consultant (Pearl Meyer); say-on-pay support in 2024 exceeded 91%, suggesting investor alignment with compensation governance.
No material red flags identified in proxy disclosures regarding Olsen (no related-party transactions, no pledging/hedging, independence affirmed, adequate attendance). Continued monitoring advised for any future transactions involving entities affiliated with Andenes Investments to ensure adherence to Related Party Transaction Policy.