Can PROVEN Group’s new chairman turn things around? 

PROVEN Group recently announced the appointment of Jamaican businessman Mark Myers as chairman of the board following the resignation of former chairman, Rhory McNamara.

Now Mark Myers is no stranger to corporate Jamaica.

He’s the managing director of Restaurants of Jamaica, the company behind KFC and Pizza Hut locally.  He also oversees KFC operations in The Bahamas. Additionally, he chairs JAMPRO and Barita Investments and has served on several major boards including the Bank of Jamaica, Supreme Ventures and NCB Capital Markets.

What also makes this appointment interesting is that Myers is one of PROVEN’s founding shareholders, so he already knows the company inside out.

And honestly, the timing could not be more important.

Because over the last few years, PROVEN has faced growing pressure from investors over profitability, share price performance and questions about strategy.

The company expanded aggressively across the Caribbean and Latin America through acquisitions and real estate investments.  But like many financial firms, it got hit by rising global interest rates, inflation pressures and weaker economic conditions after the pandemic.

PROVEN has also struggled with declining investor confidence. Its stock price has faced pressure on the Jamaica Stock Exchange and some shareholders have questioned whether the company’s expansion strategy has delivered enough returns.

Now Myers is stepping into the chairman role at a time when investors want results. And he’s already heavily involved in Jamaica’s financial sector.

Earlier this year, Myers was also connected to Cornerstone’s push to expand its regional financial platform, including Barita’s planned acquisition of JN Fund Managers.

So many investors are now wondering whether his experience in governance, expansion and corporate restructuring could help stabilise PROVEN and restore investor confidence.

And that’s the bottom line.