Owen James
PRA GROUPAbout Owen James
R. Owen James, age 58, is President of PRA Group Europe, promoted effective June 17, 2025 after serving as Executive Vice President, Global Investments Officer since June 2023 and Managing Director of Acquisitions for Europe from 2014 to 2023; he joined PRA via its 2012 acquisition of Mackenzie Hall and has continuous service with the group dating to December 3, 2010 . He holds a Diploma in Business and Public Administration from the University of Glamorgan and has 30+ years of experience in financial services, including 15+ years in senior roles at Intrum AB . Company performance context during his leadership tenure includes 2024 Adjusted EBITDA of $1,138 million and a company TSR value of $58 (vs. peer $142) in the SEC pay-versus-performance table, followed by double-digit cash collections growth and record ERC in 2025 (Q1 and Q3), with Adjusted EBITDA for the 12 months ended September 30, 2025 at $1.3 billion .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PRA Group | Executive Vice President, Global Investments Officer | Jun 2023–Jun 2025 | Oversaw global investment strategy; delivered record portfolio investments; European business a significant driver of performance . |
| PRA Group | Managing Director of Acquisitions (Europe) | Jul 2014–Jun 2023 | Led disciplined portfolio investments across Europe, contributing to profitability and strong results over seven years . |
| PRA Group/Mackenzie Hall | CEO of Mackenzie Hall and UK subsidiary | 2012–2014 | Led UK operations post-acquisition integration; roles of increasing responsibility . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Intrum AB (formerly Intrum Justitia AB) | Various senior roles | 15+ years (pre-2012) | Senior leadership across operations/business development/investments in European debt servicing, foundational experience for PRA Group Europe leadership . |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 (post-promotion) |
|---|---|---|---|
| Base Salary ($) | $367,521 | $389,500 | £369,400 (10% increase) = $469,067 (at 1.3429 FX on 6/17/2025) |
| Target Bonus ($) | $220,000 | $389,500 | Not disclosed (no change noted in 8-K) |
| Target Bonus (% of Salary) | 60% (derived from $220k/$367.5k) | 100% (derived from $389.5k/$389.5k) | Not disclosed |
Performance Compensation
Annual Bonus Plan (STI) – 2024 Outcomes
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Net Income ($M) | Not disclosed | $56.8 | $71.0 | $88.75 | $75.0 | 125% |
| Adjusted EBITDA ($M) | Not disclosed | $1,008 | $1,260 | $1,575 | $1,147 | 78% |
| Strategic Objectives | Not disclosed | — | — | — | Exceeded (execution across operations/funding/sellers) | 150% |
| Total Payout for Owen James | — | — | — | — | — | 120% of target ($467,400 paid) |
Long-Term Incentive Plan (LTIP) – Structure and 2024 Grants
| Component | Performance Period | Metric | Weighting | Target | Vesting | 2024 Grant Size |
|---|---|---|---|---|---|---|
| PSUs | 2024–2026 | Adjusted EBITDA | 33.33% | Not disclosed | Based on 3-year goal attainment; double-trigger on CIC policy | 15,804 units |
| PSUs | 2024–2026 | ROATE | 33.33% | Not disclosed | Based on 3-year goal attainment; double-trigger on CIC policy | 15,804 units |
| PSUs | 2024–2026 | Relative TSR | 33.33% | Not disclosed | Based on 3-year goal attainment; double-trigger on CIC policy | 15,804 units |
| RSUs | Time-based | — | — | — | 1/3 annually on each of the first, second, third anniversaries of 3/7/2024 | 15,804 units |
| RSUs (Retention) | Time-based | — | — | — | 100% vest on 3/7/2026 (two-year cliff) | 3,951 units |
| RSUs (Promotion Grant) | Time-based | — | — | — | Vests ratably over 3 years from first anniversary of 6/17/2025 | $100,000 grant value |
Notes:
- 2023 LTIP: 50% PSUs (Adjusted EBITDA), 50% RSUs; 50/50 weighting between Adjusted EBITDA and Relative TSR .
- 2022 LTIP: Five PSU metrics at 20% each (Adjusted Revenues, Adjusted EBITDA, Adjusted Net Income, Revenue from Corporate Development, Stock Price Appreciation) plus 50% RSUs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 20,211 shares as of April 21, 2025; less than 1% of outstanding shares . |
| Shares Outstanding Context | 39,015,442 common shares outstanding as of Nov 6, 2025 . |
| Unvested RSUs (12/31/2024) | 30,152 units total (743 + 1,809 + 7,845 + 15,804 + 3,951), market value $629,875 using $20.89 per share . |
| Unearned PSUs (12/31/2024) | 20,743 units total (2,227 + 2,712 + 15,804), market/payout value $433,322 using $20.89 per share . |
| Options | No stock options outstanding as of 12/31/2024 . |
| Stock Ownership Guidelines | 3x base salary for executive officers; RSUs count, PSUs (unearned) do not; new/promoted execs have 5 years to comply . |
| Compliance Status | All NEOs either met or are within 5-year compliance window for 2024 . |
| Hedging/Pledging | Company prohibits hedging and pledging of PRAA shares; anti-pledging policy renders any pledge void . |
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | Contract of Employment dated Oct 13, 2023 with PRA Group (UK) Ltd; addendum dated Jun 17, 2025 reflecting promotion and salary increase . |
| Continuous Service | Service commenced Dec 3, 2010 (continuous with prior employment) . |
| Role & Location | Initially Global Investment Officer; promoted to President, PRA Group Europe; hybrid/remote UK-based with travel requirements . |
| Severance (no CIC) | 12 months base salary; no bonus; equity per plan; no benefits listed for UK executives . |
| Severance (during CIC period) | 12 months base salary; no bonus; equity payout value shown; no benefits listed; consistent with no single-trigger vesting policy . |
| Change-in-Control Vesting | No single-trigger equity acceleration; vesting may accelerate only upon qualifying termination within six months before or 24 months after CIC, or death/disability (double-trigger) . |
| Restrictive Covenants | Employment agreements include non-compete, non-solicit, and confidentiality covenants; no excise tax gross-ups . |
| Clawback | Compensation Recovery Policy adopted Oct 2, 2023 (Exchange Act 10D/Nasdaq 5608 compliant) . |
| Deferred Compensation | Company does not offer executive deferred compensation plans . |
| Perquisites | Minimal perquisites policy . |
Multi-Year Compensation Summary (NEO disclosure)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $367,521 | $389,467 |
| Stock Awards ($) | $480,022 | $954,838 |
| Non-Equity Incentive Plan ($) | $220,000 | $467,411 |
| All Other Comp ($) | $27,564 | $29,210 |
| Total ($) | $1,095,107 | $1,840,926 |
Performance & Track Record
- European leadership: Over the past seven years, PRA Group’s European business delivered strong results and became a significant driver of Company performance; James oversaw record investments as Global Investments Officer and now leads operations across 15 markets in Europe, Canada, and Australia .
- 2025 business context: Q1–Q3 2025 featured record ERC ($7.8B in Q1, $8.4B in Q3), double-digit cash collections growth, and LTM Adjusted EBITDA reaching $1.3B; Q3 included a non-cash goodwill impairment of $412.6M affecting GAAP net income .
Compensation Structure Analysis
- Mix and alignment: 2024 pay emphasizes equity and at-risk compensation (PSUs tied to Adjusted EBITDA, ROATE, and Relative TSR), plus time-based RSUs for retention—consistent with pay-for-performance philosophy and retention-oriented awards .
- STI outcomes: 2024 bonus paid at 120% of target for all NEOs, driven by Net Income above target, partial shortfall on Adjusted EBITDA, and strong strategic execution, reflecting balanced performance assessment .
- Award modifications: One-time 2024 RSU retention grant of $100,000 vesting in two years to support leadership continuity during CEO transition; 2025 promotion grant of $100,000 RSUs for James vesting ratably over three years, reinforcing retention .
- Options: Company does not currently grant stock options; none outstanding for James as of 12/31/2024, lowering option-related selling pressure risk .
Risk Indicators & Red Flags
- Hedging/pledging prohibited: Reduces misalignment risks from collateralization or hedging strategies .
- No excise tax gross-ups: Shareholder-friendly severance design; no deferred comp plans .
- Related-party transactions: None reported for 2024 under policy oversight .
- CIC protection: No single-trigger equity vesting; double-trigger approach mitigates windfall risk .
Investment Implications
- Incentive alignment: High proportion of at-risk equity with multi-year PSU metrics (Adjusted EBITDA, ROATE, Relative TSR) and ownership guidelines (3x salary) indicates solid alignment and a focus on cash generation and returns—constructive for medium-term value creation .
- Selling pressure: Absence of options and prohibition on pledging/hedging reduce forced-selling dynamics; however, scheduled RSU vesting (annual and promotion grants) may add routine supply—monitor Form 4s near vest dates (e.g., 3/7/2026) .
- Retention risk: 12-month salary severance (no bonus) and standard restrictive covenants suggest moderate protection; 2024 retention award and 2025 promotion RSUs enhance stickiness in a period of strategic change .
- Execution watchpoints: Company-level 2025 goodwill impairment and evolving U.S. operational initiatives frame execution risk; James’ European leadership remains a key lever given Europe’s strong contribution and investment discipline .