Matt Sewell
PROG HoldingsAbout Matt Sewell
Matt Sewell (age 50) serves as Vice President, Financial Reporting and Principal Accounting Officer at PROG Holdings, Inc. (PRG) since December 2020; previously PRG’s Director of Financial Reporting (Oct 2016–Nov 2020) and Director of Financial Reporting at Novelis Inc. (Jun 2014–Oct 2016) . Company performance under his tenure shows revenues of $2.37B in FY2024 with Net Income of $197.2M, while adjusted EBITDA and GMV drivers were central to incentive design and payout levels . Say‑on‑pay support remained strong (94% approval in 2024 cycle), reflecting investor alignment with pay programs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PROG Holdings, Inc. | Director of Financial Reporting | Oct 2016 – Nov 2020 | Not disclosed |
| Novelis Inc. | Director of Financial Reporting | Jun 2014 – Oct 2016 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novelis Inc. | Director of Financial Reporting | Jun 2014 – Oct 2016 | Not disclosed |
Fixed Compensation
Not disclosed in proxy materials for Matt Sewell (PRG’s proxies provide detailed compensation tables for Named Executive Officers only) .
Performance Compensation
PRG’s 2024 Short‑Term Incentive Program (STIP) applied to NEOs and broadly reflects management priorities relevant to the accounting function (Adjusted EBITDA, GMV growth, compliance/strategic goals). Results and payout math are below.
| Metric | Weight | Threshold | Target | Maximum | Actual (FY2024) | Payout Contribution |
|---|---|---|---|---|---|---|
| Consolidated Adjusted EBITDA ($MM) | 60% | $201.4 | $251.7 | $302.0 | $274.0 | 86.6% |
| Progressive Leasing GMV ($MM) | 15% | $1,665 | $1,850 | $2,035 | $1,972.2 | 21.3% |
| PROG Marketplace GMV ($MM) | 5% | $20 | $25 | $30 | $41.5 | 10.0% |
| Cross‑Marketing GMV ($MM) | 5% | $12 | $15 | $18 | $22.7 | 10.0% |
| Compliance & Strategic Initiatives | 15% | 4 projects | 5 projects | 6 projects | 6 projects | 22.5% (capped) |
| Total STIP Payout (NEOs) | — | — | — | — | — | 150.4% of target |
Long‑Term Incentive Program (LTIP) 2024:
- Mix: 40% performance shares (Adjusted Revenue, Adjusted Pretax Income), 30% rTSR PSUs vs S&P 600 over 3 years (cliff vest), 30% time‑based RSUs .
- Outcome: 152.4% payout for 2024 performance shares (Adjusted Revenue and Adjusted Pretax Income exceeded target); rTSR PSUs cliff‑vest based on 3‑year relative TSR .
Compensation governance highlights: double‑trigger equity vesting on change‑in‑control; no hedging/pledging; no excise tax gross‑ups; clawback policy adopted to comply with NYSE/SEC rules .
Equity Ownership & Alignment
- Beneficial ownership details for Matt Sewell are not itemized in the proxy’s ownership table (NEOs and directors are listed individually; other executive officers not always itemized) .
- Company policies: hedging and pledging of company stock prohibited; stock ownership guidelines apply to CEO (5x salary) and CFO/CLO (3x salary) with executives on track to meet requirements; clawback for incentive compensation following restatements .
- 2024–2025 say‑on‑pay approvals remain high (98% in 2023 cycle; 94% in 2024 cycle), signaling investor support for alignment .
Employment Terms
- PRG uses an executive severance plan with change‑in‑control provisions for select executives; equity awards feature double‑trigger acceleration; no single‑trigger severance; no employment agreements with NEOs .
- Change‑in‑control definition includes 35% voting power acquisition, board turnover majority, or major reorganization/asset sale subject to continuity thresholds .
Performance & Track Record
- 2024 highlights: consolidated revenues $2.5B (+2.3% YoY), adjusted EBITDA $274.0M, GMV up 16.1% to $2.37B; PROG Marketplace GMV nearly tripled; significant renewals and exclusivity with retail partners; share repurchases and dividends totaling $159M .
- 2023 highlights: adjusted EBITDA $297.4M (+16% YoY), margin improved to 12.4%; returned ~$140M via buybacks; initiated dividend in Q1’24 .
Company Financials (Context for Pay‑for‑Performance)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenues ($USD) | $2,443,405,000 * | $2,619,005,000 * | $2,523,785,000 * | $2,333,588,000 * | $2,366,489,000 * |
| EBITDA ($USD) | $510,662,000* | $489,469,000* | $427,074,000* | $422,342,000* | $416,403,000* |
| Net Income ($USD) | $(61,465,000) * | $243,557,000 * | $98,709,000 * | $138,838,000 * | $197,249,000 * |
Values retrieved from S&P Global. Asterisks denote values provided via SPGI/Capital IQ data services.
Investment Implications
- Alignment: The shift from options to performance shares and 3‑year rTSR PSUs strengthens long‑term alignment and reduces near‑term liquidity risk; compliance and strategic goals embedded in STIP are relevant to accounting quality and control rigor .
- Retention: Time‑based RSUs plus multi‑year PSUs and strong say‑on‑pay support suggest low retention risk for senior finance leadership, including the PAO .
- Data gaps: Sewell’s individual compensation, ownership, and Form 4 activity are not disclosed in proxies; monitor insider filings for trading pressure and any 10b5‑1 plans.
- Execution risk: Company delivered GMV and EBITDA metrics used in incentives; continued macro sensitivity and credit performance management remain key lenses for evaluating future payouts and internal controls .