Proven Management Limited (PML) on Tuesday announced the appointment of Johann Heaven to the position of CEO, effective February 1, 2025.

Heaven will fill the vacancy created by the retirement of Christopher Williams, co-founder of Proven Group Limited, which will take effect January 31, 2025.

According to a release from PML’s board of directors, the transition “has commenced, and is indicative of a deliberate succession planning process”.

The directors also said that 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 more than 25 years’ 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 president and CEO of Proven Wealth Limited, the group’s wealth management company in Jamaica.

The board also pointed out that 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,” the board said, adding that “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 directors said.

The release also announced the recruitment of a new president and CEO-designate for Proven Bank (Cayman) Limited, subject to Cayman Islands Monetary Authority approval.

“Since Benjamin Freeman’s untimely passing in August 2023, this position has been vacant; however, we now anticipate that effective November 1, 2024, a candidate with banking experience spanning 20 years, throughout the Caribbean, will be appointed to the role of CEO,” the release stated.

The group also addressed what it said were concerns about the financial performance, suspension of dividend payments, and the subsequent low stock price of Proven Group, saying, “We are confident that the performance of the group is now on an upward trajectory.”