Steven Fredrickson
PRA GROUPAbout Steven D. Fredrickson
Steven D. Fredrickson, age 65, is Executive Chairman of PRA Group, appointed effective April 1, 2025; he previously served as Chairman (2020–Mar 31, 2025), Executive Chairman (2017–2020), Chairman & CEO (2002–2017), and President (1996–2015), having co-founded the Company in 1996. He is not independent under Nasdaq and SEC rules in his current Executive Chairman role; education includes an MBA in Finance from the University of Illinois and a BS in Business Administration from the University of Denver .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PRA Group, Inc. | Executive Chairman | Apr 1, 2025–present | Not independent; Board leadership and strategic guidance |
| PRA Group, Inc. | Chairman of the Board | Apr 1, 2020–Mar 31, 2025 | Board oversight; transitioned leadership |
| PRA Group, Inc. | Executive Chairman | Jun 2017–Mar 31, 2020 | Supported CEO transition and European expansion |
| PRA Group, Inc. | Chairman & CEO | 2002–Jun 2017 | Led strategy and operations |
| PRA Group, Inc. | President | 1996–Aug 2015 | Co-founder; broad operational oversight |
| Household International | Leadership roles | Pre-1996 | Distressed consumer, commercial, and real estate debt leadership |
| Continental Bank of Chicago | Specialist | Pre-1996 | Corporate and real estate workouts |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | — | — | Other public company directorships: None |
Board Governance
- Independence and structure: Executive Chairman role is separate from CEO; Fredrickson is not independent. Lance L. Weaver serves as Lead Independent Director, presiding over executive sessions at each Board meeting and approving agendas; committees are comprised solely of independent directors .
- Attendance: In 2024, the Board met 11 times; each director attended at least 75% of Board and committee meetings; all then-serving directors attended the 2024 Annual Meeting .
- Committees: Fredrickson serves on no committees; independent-only standing committees include Audit (8 meetings), Compensation (6), Nominating & Corporate Governance (6), and Risk (6), with named chairs and responsibilities .
Fixed Compensation
| Component | Structure | 2024 Values / Notes |
|---|---|---|
| Board member retainer | Cash | $70,000 per director |
| Chairman retainer | Cash | $125,000 |
| Lead Independent Director retainer | Cash | $30,000 |
| Committee chair retainers | Cash | $30,000 each (Audit, Compensation, Nominating & Governance, Risk) |
| Committee member retainers | Cash | $15,000 per committee |
| Annual equity grant | RSUs | ~$155,000 grant-date value; vests at the next annual meeting or anniversary (earlier of the two) |
| 2024 Director compensation (Fredrickson) | Cash fees | $195,000 |
| 2024 Director compensation (Fredrickson) | Stock awards (RSUs) | $154,991 |
| 2024 Director compensation (Fredrickson) | Total | $349,991 |
| 2025 change | Compensation basis | Effective Apr 1, 2025, Fredrickson receives compensation solely as Executive Chairman and no longer as a director |
Performance Compensation
- Director pay is not tied to performance metrics; equity is time-based RSUs vesting on the next annual meeting or anniversary. No PSUs, options, or performance targets are disclosed for directors .
Other Directorships & Interlocks
| Company | Role | Committee Roles |
|---|---|---|
| None | — | — |
Expertise & Qualifications
- Financial industry, international/global, public company, risk oversight, and strategic planning experience stemming from decades as CEO/Chair and prior leadership in distressed debt at Household International and workout specialization at Continental Bank .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Steven D. Fredrickson | 147,525 | <1% | As of Apr 21, 2025; table includes RSUs vesting within 60 days where applicable |
| Policy | Hedging/Pledging | Prohibited | Anti-hedging and anti-pledging policies apply to directors; no pledging allowed |
| Director stock ownership guideline | Minimum holding | ≥5x annual cash retainer; 5-year compliance window | All non-employee directors ≥5 years have met guidelines as of Apr 21, 2025 |
Governance Assessment
- Positives: Separation of Chair and CEO; robust Lead Independent Director role with executive sessions at each meeting; independent-only committees; clear ownership guidelines; prohibition on hedging and pledging; no related-party transactions in 2024; independent compensation consultant (Pearl Meyer) overseeing executive comp risk; strong Say-on-Pay support in 2025 (For: 28,000,895; Against: 3,586,152; Abstain: 43,029; broker non-vote: 1,981,621) .
- Watch items / RED FLAGS: Executive Chairman is not independent, which can concentrate influence; however, presence of a Lead Independent Director and independent-only committees mitigates risk. Director equity is time-based without explicit performance conditions, but alignment is supported via ownership guidelines and prohibited hedging/pledging .
- Related party/Conflicts: No related party transactions in 2024; anti-pledging and anti-hedging policies reduce alignment risks .
Appendix: Committee Landscape (for Board Effectiveness Context)
- Audit (Chair: Marjorie M. Connelly; 8 meetings): Financial reporting, auditor oversight, internal controls; all independent, members are audit committee financial experts .
- Compensation (Chair: Brett L. Paschke; 6 meetings): Executive/director compensation design, risk review; engages independent consultant (Pearl Meyer) .
- Nominating & Corporate Governance (Chair: Lance L. Weaver; 6 meetings): Board building, evaluations, related party approvals, ESG oversight .
- Risk (Chair: Scott M. Tabakin; 6 meetings): ERM oversight, continuity management, cybersecurity, regulatory risks .