End of an era: Chris Williams retires from Proven

Christopher “Chris” Williams, co-founder of Proven Management Limited (PML) and Proven Group Limited, will step down from his role as President and Chief Executive Officer (CEO) of PML on January 31, 2025, 15 years after co-founding one of the Caribbean’s largest private equity firms.

The announcement, which was made public on the Jamaica Stock Exchange (JSE) on Thursday, led to many people asking questions about Williams’ reason for resigning from the company’s management. In a phone call with the Jamaica Observer On Thursday, Williams, 66, announced that he would remain a board member and a member of PML’s investment management committee, stressing that this was part of succession planning and that his decision to step back from day-to-day management was a consequence of good corporate governance.

“There’s a running joke at Proven: When the other three co-founders come to the office for meetings, we say the elders are there. In reality, I’m now an elder. The focus and goals remain with Proven. Instead of trying to win the game on the field, I’m now trying to win the game as a coach, just like the other three elders. We’re all coaching the players on the field now, but I’m not selling a single share,” Williams said on the call.

Williams also said that when he is no longer employed, he needs his investments to generate more cash flow as he will no longer be taking a salary. Williams currently owns 18 percent of Proven Management, according to Companies Office records, making him the third-largest shareholder after Peter Bunting and Mark Golding. As of March 31, he held 1.7258 percent of Proven Group Limited, making him the ninth-largest shareholder.

Proven was co-founded by Williams, Bunting, Golding and Garfield Sinclair, with two of the co-founders being former managing directors of Dehring, Bunting & Golding (now part of Scotia Investments Jamaica Limited). Bunting is currently the chairman of the board of PML, and the other three founders also sit on the board. PML acts as investment manager for the Proven Group, which has no employees but pays a management fee to PML for running the business.

Sinclair is the sole director on the board of Proven Group, which is currently chaired by Rhory McNamara, who succeeded Hugh Hart in March 2023. Hart has been a member of the board since Proven Group was founded.

Williams is currently on leave and will return to his post in September. Johann Heaven is currently serving as CEO while the board considers a successor.

Proven Group (formerly Proven Investments Limited) was incorporated in November 2009 but raised its first round of capital in February 2010 with a private placement of $20 million. The company focused on private securities, real estate and marketable securities as the backbone of its structure. Since then, it has grown its total assets to $1.10 billion, with total equity of $126.53 million, of which $108.55 million is attributable to the owners of the company (as of March 2024). Proven currently has more than 30 subsidiaries across the Caribbean, with JMMB Group Limited and Access Financial Services Limited being the two main anchor partners in Jamaica.