Christopher “Chris” Williams, co-founder of Proven Management Limited (PML) and Proven Group Limited, will retire from his role as president and chief executive officer (CEO) of PML on January 31, 2025, 15 years after he co-founded one of the Caribbean’s largest private equity companies.

The announcement, which was made public on the Jamaica Stock Exchange (JSE) on Thursday, resulted in many people asking questions about Williams’ reason for stepping aside from leading the firm. However, in a phone call with the Jamaica Observer on Thursday, the 56-year-old Williams noted that he will still remain a director of PML’s board and its investment management committee. He highlighted that this is part of succession planning and his decision to leave daily executive operations was a function of good governance.

“We have a running joke in Proven that when the other three co-founders would come into office for meetings, we would say that the elders are here. The reality is I am now an elder. The focus and goals remain on Proven. Instead of trying to win the game from the on field, I’m now trying to win the game as a coach just like the other three elders. We’re all now coaching the players on the field, but I’m not selling a single share,” Williams said on the phone call.

Williams also said that when he is no longer an employee, he will need his investments to spin off more cash flow since he’ll no longer have a salary. Williams currently owns 18 per cent of Proven Management as per Companies Office records, being the third-largest shareholder behind Peter Bunting and Mark Golding, and 1.7258 per cent of Proven Group Limited as its ninth-largest shareholder as of March 31.

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

Sinclair is the only director to serve on Proven Group’s board which is now chaired by Rhory McNamara, who took over from Hugh Hart in March 2023. Hart had served on the board since Proven Group’s inception.

Williams is currently on vacation and will return to office in September. Johann Heaven is currently acting as CEO while the board deliberates a successor.

Proven Group (formerly Proven Investments Limited) was formed in November 2009 but got its first capital round in February 2010 with a US$20-million private placement. The business was focused on private securities, real estate and tradable securities as the backbone of its structure. Since then, it has grown its balance sheet up to US$1.10 billion with total equity/capital of US$126.53 million, of which US$108.55 million is attributable to owners of the company, as of March 2024. Proven currently has more than 30 subsidiaries spread across the length and breadth of the Caribbean with JMMB Group Limited and Access Financial Services Limited as its two core anchor associates in Jamaica.