PROVEN Senior Leadership Appointments & Key Strategic Update

  • Following the announcement of Christopher Williams' retirement as Charter CEO of PROVEN Management Limited (PML) effective January 31, 2025, the Board of Directors has appointed Johann Heaven as the new CEO, starting February 1, 2025.
  • Mr. Heaven, a co-founder of PROVEN Group Limited, brings over 25 years of experience in finance and banking. He currently serves as Deputy CEO of PML, where he leads the finance, planning, and investment functions, while also overseeing the Treasury, Asset Management, and Information Technology teams. Previously, he was the President and CEO of PROVEN Wealth Limited, the Group’s wealth management company in Jamaica.
  • While Mr. Williams will retire from daily executive operations, he will remain an active director of PML, a significant shareholder, and a member of the Investment Management Committee. He will also continue to serve as a Board Director for several subsidiaries of PROVEN Group. His strategic insight, guidance, and expertise will remain invaluable to the ongoing success and development of the organization.
  • 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 also evolve. 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 of Proven Bank (Cayman) Limited (PBC) has also announced the appointment of a new President and CEO designate, subject to CIMA approval. Since the untimely passing of Benjamin Freeman in August 2023, the position has remained vacant but is anticipated to be filled by an experienced candidate effective November 1, 2024.
  • Shareholders have expressed concerns regarding the deterioration in the company's performance and the suspension of dividend payments, which have negatively affected the company’s share price. Proven has attributed these challenges to inflationary pressures, elevated interest rates, narrowing interest spreads and its impact on overall performance. Since the start of the year, PROVEN’s share price has fallen by 32%,  and the Group has recorded  a year-to-date loss of US$1.37Mn.
  • With the recent interest rate reductions, we anticipate a gradual decrease in funding costs across the group and an increase in net interest income as the interest rate spread widens. Combined with the ongoing organizational restructuring, this could enhance the company’s financial performance in H2 2025 (Starting October 2024) and FY26 (Starting April 2025). While we expect to see some improvements in the second half of the year, it may take time for the full effect of these changes to materialize.

 (Source: JSE & NCBCM Research)