Posted: 05/08/2025 07:24 am
PROG Holdings, Inc. (NYSE: PRG), known for its services in equipment rental and leasing, has recently been a point of interest not only for its recent commercial ventures but also for its executive compensation practices. Key figures in the company include Steve Michaels, their Chief Executive Officer, whose compensation significantly rose from 2021 to 2024. In 2021, Michaels earned a total compensation of approximately $7.46 million, including a salary of $900,000 and stock awards valued at over $3.70 million. By 2024, his total compensation soared to about $13.33 million, primarily driven by a substantial increase in stock awards to over $10.04 million, while his base salary increased to $1 million, reflecting an appreciable rise in his vested interests in the company’s stock value and future performance.¹
This notable increase in Michaels’ compensation aligns with the company's strategic and financial strides over the same period. The recent announcement by the company of exceeding earnings expectations for Q4 2024 underscores their growth and financial robustness.² PROG Holdings reported quarterly earnings of $0.80 per share, surpassing the Zacks Consensus Estimate of $0.75 per share, marking a significant uptick from $0.72 a year ago. Such financial achievements could justify increases in executive compensation that are aligned with shareholder value creation.³
Brian J. Garner, the Chief Financial Officer, and Marvin A. Fentress, General Counsel and Corporate Secretary of PROG in 2021, also enjoyed competitive compensation packages. Garner received a total of approximately $2.01 million, whereas Fentress’ package summed up to around $1.74 million for the same year. These figures illustrate PROG's commitment to rewarding their executive team in line with industry standards for achieving business objectives and sustaining company growth.¹
PROG Holdings continues to make strategic moves to reinforce its market position. Notably, the company’s recent partnership with GXO Logistics aims to optimize its transport services in Italy, which could potentially open new revenue streams and operational efficiencies. Such partnerships reveal the strategic focus that PROG Holdings places on expanding its international footprint and optimizing logistical operations.⁴
The market perception of PROG Holdings echoes through its stock performance, with a current trading price around $26.82. The fluctuations in stock price over the past year, with a high of $50.28 and a low of $23.5, reflect the market’s dynamic response to the company’s operational strategies and financial health.⁵ As the company prepares for its next earnings announcement, it remains a subject of keen interest to investors evaluating its strategic direction and executive governance framework.
:
1. SEC. https://www.sec.gov/Archives/edgar/data/1808834/000180883425000046/0001808834-25-000046-index.htm
2. Seeking Alpha. https://seekingalpha.com/article/4759707-prog-holdings-inc-prg-q4-2024-earnings-call-transcript
3. Zacks. https://www.zacks.com/stock/news/2417799/prog-holdings-prg-q4-earnings-and-revenues-top-estimates?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape|yseop_template_4-2417799
4. Globe Newswire. https://www.globenewswire.com/news-release/2025/04/15/3061565/0/en/PRG-Retail-Group-the-First-Kids-Family-Hub-in-the-Childcare-and-Toy-Sector-Selects-GXO-as-its-Managed-Transport-Partner-for-its-Transport-Service-in-Italy.html
5. Market Snapshot as of April 15, 2025.
