PRA Group’s new president and CEO takes reins

Martin Sjolund became PRA Group‘s president and CEO this week, succeeding Vikram “Vik” Atal at the Norfolk-based global nonperforming loan business.

Sjolund, who was named as Atal’s successor in April and officially took the post June 17, was previously president of PRA Group Europe. According to a PRA spokesperson, Sjolund will split his time between London and Norfolk. Atal plans to serve as a senior adviser through the end of the year.

Atal, who was named CEO in 2023, stated at the time in a letter to shareholders that his goal was to stabilize the company, which reported a net loss of $83.5 million in fiscal 2023. PRA recorded $70.6 million in income in 2024, and Atal noted in a statement that it was “a transformational year reflecting decisive action and rigorous execution, which drove significantly improved results.” Last year, PRA made $1.4 billion in portfolio purchases, up 22% year-over-year.

“I am honored to have the opportunity to lead PRA Group as we enter our next phase of growth,” Sjolund said in a statement. “As a team, we have already achieved record global portfolio purchases and double-digit cash growth, expanded our leadership team, improved operational processes and strengthened our capital structure. These actions have positioned us to continue driving the company forward while delivering value to our shareholders.”

Sjolund served as PRA’s Europe president since 2018, overseeing 15 markets in Europe, Canada and Australia, where PRA has nearly $3 billion in portfolio investments. He joined the company in 2014 after PRA Group acquired Aktiv Kapital, where Sjolund was director of group strategy and corporate development. From 2015 to 2018, he was PRA’s chief operating officer for Europe.

Formerly a management consultant with McKinsey, Sjolund graduated from the University of Chicago’s business school and Georgetown University.

Also this week, Owen James was named PRA’s Europe president, succeeding Sjolund. He joined PRA Group in 2012 through the company’s acquisition of Mackenzie Hall Holdings.