Further to the announcement of the retirement of Christopher Williams, the Charter CEO of PROVEN Management Limited (“PML”) and co-founder of PROVEN Group Limited, effective January 31, 2025, the Board of Directors of PML has appointed Johann Heaven to the position of CEO of PML, effective February 1, 2025. 

The transition from  Williams to  Heaven has commenced and is indicative of a deliberate succession planning process. It is anticipated that the transition will occur seamlessly over the next four months.

Heaven is also a co-founder of PROVEN Group Limited with over twenty-five years of experience in finance and banking. He currently holds the position of Deputy CEO for PML, with responsibility for leading the finance, planning and investment functions of the Group, as well as overseeing the Treasury, Asset Management and Information Technology teams. Prior to this role, he served as the President and CEO of PROVEN Wealth Limited, the Group’s wealth management company in Jamaica.

Although Williams will be retiring from daily executive operations, he will continue to be an active director of PML, a significant shareholder, and a member of the Investment Management Committee. He will also continue to function as a Board Director for several PROVEN Group subsidiaries. Williams’ strategic insight, guidance, and expertise will continue to be an invaluable asset to the ongoing success and development of PROVEN Group. 

With the evolution of PROVEN Group from an investment management company to a conglomerate structure, the role of the PML CEO and the subsidiary CEOs must evolve as well.  Consequently, the CEOs of the respective subsidiaries will serve as the primary public representative of each subsidiary/pillar of the Group. These CEOs will report to their respective Board of Directors, with dotted line reporting to the PML CEO. The PML CEO will be responsible for directing the strategic planning process across the Group, capital allocation, stakeholder reporting and relations, and will also oversee the Shared Services teams (Treasury, Asset Management, IT, People).         

The Board of Directors for Proven Bank (Cayman) Limited (PBC) has also announced the recruitment of a new President and CEO designate, subject to CIMA approval. Since Benjamin Freeman’s untimely passing in August 2023, this position has been vacant, however Proven anticipates that effective November 1, 2024, a candidate with banking experience spanning 20 years, throughout the Caribbean, will be appointed to the role of CEO.  

A Proven statement read: “Finally, there have undoubtedly been some concerns surrounding the financial performance, suspension of dividend payments, and the subsequent low stock price of PROVEN Group. However, we are confident that the performance of the Group is now on an upward trajectory.  Since 2022, financial performance has been negatively impacted primarily by:

• “The spike in global inflation was occasioned by the effects of the Covid pandemic followed by the Russia/Ukraine war.   Supply chains were disrupted, and commodity prices rose steeply.
• Central Banks commenced a steep and sustained rise in interest rates to contain inflation.  This caused i) the value of balance sheet securities to decline, and ii) a severe contraction of interest rate spreads impacting both PROVEN Wealth Ltd. and companies within the JMMB Group. The effect of higher interest rates on PBC was mitigated by increases in the prime lending rate which improved net interest income.
• While Barbados didn’t raise domestic interest rates, the price compact initiated by the government compressed margins and pushed Roberts/Pinnacle into a temporary loss position.”

“Fortunately, most of the negative occurrences that drove the sub-optimal results over the last two fiscal years are well along in the process of correction, viz.:

• The US Federal Reserve recently reduced its policy rate by 50 basis points and the expectation is for further reductions through year end as inflation is tempered.  
• The Bank of Jamaica’s (BOJ) Monetary Policy Committee (MPC) has reduced its policy rate by 50 basis points over its last two meetings to 6.5% p.a.  The decision to loosen monetary policy is based on an improvement in Jamaica’s inflation outlook.  The BOJ 30-day CD rate has fallen by over 300 basis points over the last two months, which is another indicator of the direction of short-term market rates.  
• Lower interest rates will contribute to improved financial performance from PROVEN Wealth and JMMB Group, while reducing the funding costs for PROVEN Group Limited.
• Senior leadership and other organizational changes at Roberts Manufacturing and PROVEN Wealth have returned these entities to profitability and should ensure the sustained profitability of both entities.
• The consolidated performance of PROVEN Bank Cayman and Saint Lucia continues to be strong with return on equity exceeding 18% p.a. 
• Proven Properties Ltd. (PPL) performance will also benefit from a decline in interest rates.  Its two major projects in St. Ann – Sol Harbour and Bahari – will be delivering over two hundred (200) units to purchasers in 2025.
• PGL has developed a much stronger working relationship with its associate companies and is focused on returning strong cash dividends to shareholders.
• Proven believes its fiscal year 2025/26 is expected to be a stronger year and it expects commensurate improvements in share price and dividends.”