LaTisha Tarrant
PRA GROUPAbout LaTisha Tarrant
LaTisha O. Tarrant (age 52) is Executive Vice President, General Counsel and Chief Human Resources Officer at PRA Group. She joined PRA in March 2016, became CHRO in September 2022, and added General Counsel in February 2023, with 20+ years advising public companies on securities, governance, executive compensation, M&A, and corporate matters; prior roles include Managing Associate General Counsel at Anthem (now Elevance Health) and partner at McGuireWoods; she holds a B.A. from William & Mary and a J.D. from the University of Texas at Austin; she is a Certified Corporate Governance Professional . Company performance context: 2024 GAAP net income was $71M and Adjusted EBITDA $1,138M; a $100 invested in PRA stock was valued at $58 in 2024 vs $72 in 2023, reflecting underperformance vs peer index value of $142 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PRA Group, Inc. | EVP, General Counsel & CHRO | Feb 2023–present | Oversees legal and human capital; document owner for the company’s SEC-compliant Clawback Policy adopted in 2023, reinforcing governance and pay-for-performance alignment . |
| PRA Group, Inc. | Chief Human Resources Officer | Sept 2022–Feb 2023 | Led global HR; integrated leadership transitions and culture initiatives cited among 2024 NEO accomplishments . |
| PRA Group, Inc. | Corporate Secretary; SVP; Deputy General Counsel | 2018–2022 (Secretary from 2018; SVP from 2021) | Supported governance and disclosure; advanced to HR leadership . |
| Anthem, Inc. (now Elevance Health) | Managing Associate General Counsel | Not disclosed | Public company securities and corporate matters experience . |
| McGuireWoods LLP | Senior Counsel and Partner | Not disclosed | Corporate and securities advisory for public companies . |
External Roles
No public company directorships disclosed for Ms. Tarrant .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 576,923 | 504,808 |
| Perquisites/Other ($) | 13,200 (401(k) match) | 13,800 (401(k) match) |
| Deferred Compensation | None | None |
Additional program design features: no guaranteed minimum bonus payouts; no guaranteed salary increases; no tax gross-ups; minimal perquisites (encouraged comprehensive physical exam ~ $5,000); no nonqualified deferred compensation .
Performance Compensation
Annual Bonus (Short-Term Incentive) – Plan Design and 2024 Outcome
| Metric | Weight | Threshold | Target | Max | Actual 2024 | Metric Payout |
|---|---|---|---|---|---|---|
| Net Income (as adjusted) | 50% | $56.8M | $71.0M | $88.75M | $75.0M | 125% |
| Adjusted EBITDA | 30% | $1,008M | $1,260M | $1,575M | $1,147M | 78% |
| Strategic Objectives | 20% | — | — | — | “Significantly exceeded” | 150% |
| Companywide Bonus Payout (applied to all NEOs) | — | — | — | — | — | 120% |
Ms. Tarrant’s bonus target and payout:
- 2024 bonus target: $500,000; paid: $600,000 (120% of target) .
- Her 2024 base salary was $500,000 (year-end set; Summary Compensation shows $504,808 paid), implying a target opportunity at 100% of base for 2024 .
Long-Term Incentive Plan (LTIP) – Structure and 2024 Grants
- Mix: 50% PSUs, 50% RSUs; PSUs cliff-vest after 3-year period; RSUs vest ratably over 3 years .
- 2024 PSU metrics and payout curves (independent, each 0–200%): Adjusted EBITDA (3-year cumulative), ROATE (3-year average), Relative TSR vs S&P SmallCap 600 Financials with 30th/50th/70th/90th percentile key points .
| 2024 Grant (3/7/2024) | Units | Grant-Date Value ($) | Vesting |
|---|---|---|---|
| RSUs | 19,755 | 499,999 | 1/3 per year over 3 years . |
| PSUs (target) | 19,755 | 568,549 | Earned 0–200% on metrics; vest at end of 2024–2026 period . |
| One-time Retention RSUs | 3,951 | 100,000 | 100% vest on March 7, 2026 . |
Historical LTIP rigor: 2022–2024 PSU tranche paid at 23% of target (below-target on Adjusted Revenue, Adjusted EBITDA, Net Income; zero on Corporate Development Revenue and Stock Price Appreciation) .
Equity Ownership & Alignment
- Stock ownership guidelines: 3x base salary for executive officers; unvested RSUs count; PSUs do not; new executives have 5 years to comply; all NEOs either met or are within the 5‑year period for 2024 .
- Anti-hedging and anti-pledging: hedging and pledging of PRA stock are prohibited .
- Clawback: Dodd-Frank compliant recovery policy adopted; applies to incentive pay tied to financial measures; Ms. Tarrant is the policy’s document owner (governance signal) .
Ownership and unvested awards:
| Item | Detail |
|---|---|
| Beneficial ownership (4/21/2025) | 23,654 shares; <1% of outstanding . |
| Outstanding unvested RSUs (by grant) | 557 (3/7/2022); 539 (11/15/2022); 2,412 (3/7/2023); 14,819 (8/15/2023); 19,755 (3/7/2024); 3,951 (3/7/2024 retention) . |
| Outstanding unearned PSUs (by grant) | 1,670 (3/7/2022); 3,617 (3/7/2023); 19,755 (3/7/2024) . |
| Options | None outstanding; company does not currently grant stock options . |
| Typical vesting/settlement dates | RSUs: anniversaries of grant (notably March 7 and certain August/November legacy grants); retention RSU cliffs 3/7/2026; PSUs at end of 2024–2026 period . |
Vesting/cashflow note: 2024 realized value from vesting for Ms. Tarrant was $255,602 across PSU/RSU tranches (dates: 3/7/2024, 8/15/2024, 11/15/2024) .
Employment Terms
| Term | Detail |
|---|---|
| Employment at PRA | Joined March 2016; Corporate Secretary (2018), SVP (2021), CHRO (Sept 2022), EVP GC & CHRO (Feb 2023) . |
| Severance plan participation | Covered by Executive Severance Plan (not individual contract) . |
| Severance (no CIC) | 1x base salary + 1x annual bonus + 12 months COBRA; no excise tax gross‑ups; for-cause gets nothing . |
| Change-in-control (double trigger) | 1.5x base salary + 1.5x annual bonus + 18 months COBRA if terminated without cause/for good reason within 1 year after CIC; equity acceleration requires qualifying termination within six months before or 24 months after CIC; no single-trigger vesting . |
| Estimated payouts (12/31/2024 scenario) | No CIC: Total $1,007,095 (base $500,000; bonus $500,000; benefits $7,095). CIC: Total $2,911,839 (base $750,000; bonus $750,000; equity acceleration $1,401,197; benefits $10,642) . |
| Restrictive covenants | Strong non-compete/non-solicit and confidentiality provisions tied to employment and equity awards . |
Compensation Structure Analysis
- Pay mix and leverage: Significant at-risk compensation via annual bonus and PSUs/RSUs; target total direct compensation benchmarked to median of peer group; independent consultant (Pearl Meyer) advises committee .
- 2024 outcomes: Company bonus formula paid at 120% despite EBITDA below target, driven by Net Income above target and strategic objectives at 150%; reflects committee discretion within preset plan mechanics and supports turnaround priorities .
- Equity rigor: 2022 PSU tranche paid 23%, indicating prior-cycle targets were demanding amid softer portfolio inventory and consumer liquidity normalization; 2024 PSU metrics (Adj. EBITDA, ROATE, Relative TSR) balance internal returns and market-relative performance .
- Shareholder alignment safeguards: No option repricing, no hedging/pledging, clawback policy in force; minimal perquisites; no tax gross-ups or deferred comp .
- Say-on-Pay support: 91% approval at 2024 annual meeting, indicating broad shareholder support for program design .
Director/Committee Governance (context)
- Compensation Committee: independent directors; uses Pearl Meyer; reviews program risk and peer group annually .
- Pledging/Hedging policy: strict prohibitions across directors/officers/employees .
- Related party transactions: none in 2024 .
Multi‑Year Compensation Summary (Ms. Tarrant)
| Year | Salary ($) | Stock Awards ($) | Non‑Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2023 | 576,923 | 765,077 | 265,000 | 13,200 | 1,620,200 |
| 2024 | 504,808 | 1,168,548 | 600,000 | 13,800 | 2,287,156 |
Key 2024 Equity Grants and Outstanding Awards (Ms. Tarrant)
| Grant Date | Type | Units | Grant-Date Fair Value ($) | Vesting Notes |
|---|---|---|---|---|
| 3/7/2024 | RSU | 19,755 | 499,999 | 1/3 per year . |
| 3/7/2024 | PSU (target) | 19,755 | 568,549 | 3-year performance; 0–200% payout on Adjusted EBITDA, ROATE, Relative TSR . |
| 3/7/2024 | RSU (Retention) | 3,951 | 100,000 | 100% on 3/7/2026 . |
| Outstanding at 12/31/2024 | RSUs | 557; 539; 2,412; 14,819; 19,755; 3,951 | See values in proxy | By grant cohorts (2022–2024) . |
| Outstanding at 12/31/2024 | PSUs (unearned) | 1,670; 3,617; 19,755 | See values in proxy | By grant cohorts (2022–2024) . |
Investment Implications
- Alignment and risk posture: Strong governance guardrails (no hedging/pledging, robust clawback, double-trigger CIC) and stock ownership guidelines (3x salary) align incentives; Ms. Tarrant’s beneficial stake is <1%, but unvested RSUs/PSUs are substantial and count toward guidelines, supporting retention and alignment .
- Incentive levers and performance sensitivity: Annual cash bonus hinges primarily on adjusted Net Income (50%) and Adjusted EBITDA (30%); 2024 payout at 120% underscores sensitivity to earnings mix and strategic execution; LTIP metrics (Adj. EBITDA, ROATE, Relative TSR) drive multi‑year value creation and can materially vary realized pay (e.g., 23% payout for 2022–2024) .
- Vesting/selling pressure watchouts: RSU tranches typically vest around March 7 each year (plus legacy August/November lots), and the 2024 retention RSU cliffs on March 7, 2026—these dates can create predictable liquidity/tax‑withholding flows and potential trading volume around settlements .
- Retention and transition risk: As EVP GC & CHRO and document owner of the clawback policy, Ms. Tarrant is central to compliance and human capital stability; severance economics are moderate (1–1.5x base and bonus plus COBRA) and double‑trigger equity acceleration reduces entrenchment risk while supporting orderly transitions in a CIC .
- Signal from Say‑on‑Pay and equity rigor: 91% Say‑on‑Pay support and below‑target PSU outcomes in the 2022 cycle indicate shareholder acceptance of a pay program with real downside when performance underwhelms; for investors, sustained progress on EBITDA/ROATE and TSR versus small-cap financials will be key to future realized pay and insider selling propensity upon vest .