TEL-AVIV-based Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), a $765 million market cap company specializing in finance services with annual revenues approaching $1 billion, announced the appointment of Cory Vieira as Chief Accounting Officer and principal accounting officer, effective Monday. According to InvestingPro data, the company has shown strong revenue growth of over 23% in the past year.
Mr. Vieira, 46, brings a wealth of experience to the role, having previously served as Chief Accounting Officer at BHG Financial. His career spans over two decades, with significant positions at American Express (NYSE:AXP) and GE Capital, and an early start at PricewaterhouseCoopers. He is a Certified Public Accountant in New York State and holds a BS in Accounting from the University at Albany, SUNY, as well as an MBA from the NYU Stern (AS:PBHP) School of Business. His appointment comes at a crucial time, as InvestingPro analysis indicates analysts expect the company to achieve profitability in 2024, with several additional insights available to subscribers.
The appointment comes with a compensation package that includes an annual base salary of $375,000 and a guaranteed 2024 cash bonus of at least $150,000, subject to repayment if Mr. Vieira resigns or is terminated for cause within a year. Additionally, he will receive a one-time cash bonus of $20,000 and an equity grant, the specifics of which will be determined by the company's Compensation Committee. Mr. Vieira will also be eligible to participate in Pagaya's employee benefit plans or programs.
Pagaya Technologies, which trades on the NASDAQ Stock Market under the ticker symbols NASDAQ:PGY for its Class A Ordinary Shares and NASDAQ:PGYWW for its Warrants, has confirmed that there are no familial relationships between Mr. Vieira and any of the company's executive officers or directors.
In other recent news, Pagaya Technologies reported strong financial results in their 3Q 2024 earnings call, with an annual revenue rate approaching $1 billion and an adjusted EBITDA of $220 million. The company also announced strategic plans to reach GAAP profitability by 2025. Significant growth was noted in loans, customer acquisition, and partner relationships, with over $24 billion in loans generated and nearly two million new customers added.
Pagaya has also strengthened its balance sheet, raising $160 million and improving liquidity with intentions to pay down high-cost borrowings. For the full year 2024, the company projects a network volume between $9.5 billion and $9.7 billion, total revenue between $1.01 billion and $1.025 billion, and adjusted EBITDA between $195 million and $205 million.
Despite these positive developments, Pagaya acknowledged credit impairments related to 2023 vintage loans and a conversion ratio from application to loan volume below 1%. However, the company expects improvements in these areas by 2025. Furthermore, Pagaya is in the final stages of onboarding a payments business from a top five money center bank, indicating continued expansion and partnerships.
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