What was changed
Engaged Capital, a PRA Group shareholder, filed a Schedule 13D in December 2023, arguing the debt-buying firm's stock had fallen partly from a lack of disciplined operational focus and insufficient oversight from the board.
PRA engaged rather than resist: after a director search run in collaboration with Engaged, the board appointed consumer-finance veteran Glenn Marino in March 2024, one of six directors added within six years.
The reset continued in April 2025, when PRA announced that Europe president Martin Sjolund would become president and CEO on June 17, 2025, succeeding retiring CEO Vikram Atal — the culmination of board-led succession planning after the activist engagement.
What it achieved
PRA added Glenn Marino to the board in Mar 2024 with Engaged's input, then made Europe president Martin Sjolund CEO effective June 17, 2025.
Why it worked
Engaged's 13D named a concrete problem: board oversight and operational discipline, not just the share price.
A collaborative director search let the board keep control while answering the activist's demand.
Once the board was refreshed, it drove the CEO succession itself.
What can be applied
An activist that identifies a governance gap can force a two-stage fix: refresh the board first, then let the new board choose the CEO and own the strategy.
Aftermath
Sjolund took over on June 17, 2025 and joined the board; Atal stayed as senior advisor through end-2025. PRA said record global portfolio purchases, double-digit cash growth and a stronger capital structure positioned the company for its next phase.
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