Executive Change: Neal Stern to Head PRA's Owned Portfolios Unit

Portfolio Recovery Associates, Inc. (Nasdaq: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today announced the appointment of Neal Stern as senior vice president and chief operations officer – owned portfolios.

In this newly created position, Stern’s responsibilities include managing all aspects of collection activity for the company’s owned-portfolio business, including its internal collection operations and outsourced collection processes, as well as overseeing inventory management and portfolio strategy. Stern reports to Steven D. Fredrickson, chairman, president and CEO.

Prior to joining Portfolio Recovery Associates, Stern served as a senior group manager for Target Financial Services in Minneapolis where he managed the performance of Target’s vendors, including all collection agencies, collection law firms, and customer service and collection call centers. He has more than 15 years of experience as a manager and executive in the collection industry. Before joining Target in 2000, Stern worked at US Bank and Transamerica Financial Services. He attended the University of Minnesota in Minneapolis.