Experienced Leader Owen James Promoted to President of PRA Group Europe

Promotion Builds on Successful 13-Year Career at PRA Group, Most Recently Overseeing Record Portfolio Investments as Global Investments Officer
NORFOLK, Va., June 19, 2025 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has promoted Owen James to president of PRA Group Europe. As president of PRA Group Europe, James will provide leadership across 15 markets in Europe, Canada and Australia. He will also be responsible for overseeing portfolio investments across Europe, while building on the continued profitability of the European business.
James will report to President and CEO Martin Sjolund, who he succeeds.
"I am honored to serve as president of PRA Group Europe and to build upon the success of our European business. I am excited to continue working with our senior leadership team in this new capacity to execute our strategy and further strengthen our company's presence in key strategic markets across Europe," said James.
Over the past seven years, PRA Group's European business has delivered strong results and become a significant driver of the company's performance, with more than $3 billion successfully invested in portfolios across Europe.
James has more than 30 years of experience in financial services. He joined PRA Group 13 years ago, through the company's acquisition of Mackenzie Hall Holdings in 2012. James performed various leadership roles in PRA Group's European business before serving as global investments officer, where he oversaw the company's global investment strategy. Prior to joining PRA Group, he worked for more than 15 years in a variety of senior roles at Intrum, a major European debt servicer and buyer.
"Having worked with Owen for more than 10 years, he is the ideal person to lead PRA Group Europe to continued success. Owen has deep investment experience, strong operational know-how and is a highly respected leader in the global nonperforming loan industry. I know he will build upon PRA Group Europe's track record of success as one of the most efficient debt-buying operations," said Sjolund.
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Korea Herald

2 hours ago

• Korea Herald

[Bio USA] SK Biopharmaceuticals CEO highlights resilience, open innovation amid global shifts

Korea Herald correspondent BOSTON — SK Biopharmaceuticals CEO Lee Dong-hoon underscored the company's preparedness for potential US tariff changes and emphasized the critical role of open innovation in shaping the future of global pharmaceuticals. 'We've weathered volatility in our share price over the past year, but the impact of potential price cuts has been minimal,' Lee said Thursday during a press conference on the sidelines of the 2025 Bio USA. 'Our direct-to-market sales model remains fundamentally solid.' He recalled a particularly tense moment earlier this year when shifting US tariff policies posed logistical challenges. In April, the company rushed to transport finished products from Canada into the US before a new tariff deadline. 'When the final truck finally cleared customs, everyone burst into applause,' he recounted. To prevent such risks from recurring, the company now assembles finished products in Canada and ensures shipments cross the border ahead of any policy changes. Looking ahead, SK Biopharmaceuticals is evaluating Puerto Rico as a potential US-based manufacturing site, leveraging its status as a US territory and pharmaceutical hub. 'Canada is cost-effective for now, but we're preparing for every scenario,' Lee said, noting the company's tariff risk is now 'close to zero' for the year. Lee also expressed confidence in the company's long-term growth. 'We've already announced our goal to hit 1 trillion won ($728 million) in sales by 2029, and we're on track,' he said, citing consistent profitability since last year. A cornerstone of SK Biopharmaceuticals' strategy is open innovation. Instead of relying solely on internal research and development, the company is partnering with universities, biotech firms and research institutions. 'Major global pharmaceutical firms are moving away from in-house basic research, and so are we. When you can collaborate and generate results at a fraction of the cost, your possibilities expand," he explained. The CEO emphasized the importance of tapping into underutilized technologies at US universities and biotech startups to diversify the company's pipeline, moving beyond its core focus on epilepsy into areas like oncology. Artificial intelligence is another major focus area. Lee highlighted the company's work on EEG-based seizure prediction models in collaboration with European and South American partners, along with AI algorithm development trials currently underway in Korea. 'AI is no longer optional. It's essential in every part of the business,' he said. One standout partnership is with PhnyX Lab, whose AI-driven automation of clinical documentation significantly reduced paperwork. 'Even our US team, which was initially skeptical, was blown away,' Lee said, calling the shift 'Copernican' in scale for how it will reduce time and cost. The CEO also outlined plans to build a global digital platform for epilepsy patients — a space where patients and physicians can share experiences and insights. 'It's not about selling drugs,' he clarified. 'It's about collecting data to inform AI-powered marketing, drug development and clinical trial design.' The company is looking three to five years ahead, aiming to build an ecosystem where shared data drives innovation across functions. In the US, SK Biopharmaceuticals is intensifying its engagement with health care providers. Lee has personally met with dozens of physicians this year, aiming for 100 meetings, to gather insights that will shape lifecycle strategies such as patent extensions, expanded indications and new formulations like IV delivery. Meanwhile, SK Biopharmaceuticals has invested in targeted TV and YouTube campaigns for its flagship epilepsy drug, Xcopri (cenobamate). Its 'Road to Reduction' campaign drew 9.37 million views in just one month, signaling the brand's growing visibility and leadership in the epilepsy treatment market.

Korea Herald

a day ago

• Korea Herald

Trump repeats NATO members should spend 5% of GDP on defense

US President Donald Trump reiterated Friday that North Atlantic Treaty Organization member states should spend 5 percent of gross domestic product on defense, while saying the United States should not. Trump made the remarks during a press availability as he is preparing to attend a NATO summit in The Hague, the Netherlands, next week, where the defense spending target is expected to figure prominently. "I don't think we should, but I think they should," he said, responding to a question about the defense spending target that he proposed. "We've been supporting NATO so long. In many cases, I believe ... almost paying 100 percent of the cost. So I don't think we should, but I think that the NATO countries should absolutely," he added. The US spent about 3.4 percent of its GDP on defense last year. Asked about Spain's stance against the target, Trump said that NATO will have to deal with the country. "Spain has been a very low payer," he said. "They were either good negotiators or they weren't doing the right thing. I mean I think Spain has to pay what everybody else has to pay. Spain has been notorious for low pay." Spain has reportedly rejected the defense spending proposal, calling for a more "flexible" approach. On Thursday, the Pentagon said that European allies are setting the "global standard" for Asian allies, which is spending 5 percent of GDP on defense. South Korea's defense budget this year stands at around 61.2 trillion won ($44.6 billion), which is about 2.32 percent of its GDP, according to Seoul's defense ministry. (Yonhap)

Korea Herald

2 days ago

• Korea Herald

EV battery recycling heats up in Korea despite market slump

Industry eyes rebound by 2030 as used batteries pile up, global recycling mandates kick in Korea's industry giants are stepping up their involvement in the electric vehicle battery recycling sector, signaling expectations that the currently subdued industry will evolve into a critical component of the battery value chain. LG Energy Solution, Korea's largest battery maker, recently formed joint ventures in Europe and the US — with France's Derichebourg and Toyota Tsusho Co., respectively — marking its first direct steps into battery recycling operations in both regions. SK Ecoplant, a construction engineering unit of SK Group, is expanding its European facility in the Netherlands to add 25,000 metric tons of annual black mass processing capacity, with completion scheduled for 2025. Posco-GS Eco Materials, a 51:49 joint venture between Posco Holdings and GS Energy, acquired full control of its battery recycler, Posco HY Clean Metal, by purchasing the 35 percent stake held by China's Huayou Cobalt in April. 'It is late compared to other countries' battery industries, as even Chinese companies such as CATL have their own recycling business,' said Park Cheol-wan, a car engineering professor at Seojeong University. 'Yet it is the right path for Korean companies, as securing a stable supply chain for minerals will become increasingly significant.' These moves come as the battery recycling sector continues to suffer a deep slump, driven by sluggish EV demand and sharp declines in the prices of key battery minerals such as nickel, lithium and manganese. International lithium carbonate prices, which were above 450 Chinese yuan ($63) per kilogram in January 2023, have fallen to around 50 yuan. Nickel prices also dropped significantly, from over $31,000 per ton to around $20,000. As a result, SungEel HiTech, one of only two battery recycling companies listed on Korea's tech-focused Kosdaq, has experienced declines in profitability and free cash flow for two consecutive years. A joint battery recycling project between SungEel HiTech and SK Innovation, announced in 2022, has been indefinitely delayed, while SK Ecoplant's planned facilities in Gyeongju, North Gyeongsang Province, and Kentucky have also shown no signs of progress for years. The industry, however, anticipates a significant increase in the number of used EV batteries as they reach the end of their life cycle, which is estimated to be around 10 years. This follows the surge in global EV sales in the 2010s, which surpassed one million units in 2015. With the continued growth of EV adoption, the battery recycling market — valued at $8 billion in 2022 — is projected to expand to as much as $53.57 billion by 2030, according to SNE Research. Experts say that entering the battery recycling business is increasingly becoming essential for staying competitive in the battery industry, as global policy trends push for recycled minerals to be a core component of battery supply chains. The European Union requires all EV batteries placed within the region to meet minimum recycled metal content thresholds by 2031: 16 percent for cobalt, 85 percent for lead, 6 percent for lithium and 6 percent for nickel. These requirements will increase by 2036. Meanwhile, EVs with some key battery components or minerals sourced from foreign entities of concern are excluded from US tax credits under the Inflation Reduction Act, pressuring battery makers to secure materials domestically, often through recycling. 'It is more a matter of broader business strategy than the profitability of recycling itself, whether companies choose to outsource recycled materials or secure them in-house,' Park added. '(With policy changes in place,) it may become faster to secure used batteries rather than invest in new mines, exploration, refining and metal procurement. To ensure a stable supply of critical minerals, battery makers will be competing as if at war.'