Keith Williams retires as Proteome director, remains as consultant

Proteome Systems (ASX:PXL) founder Dr Keith Williams is no longer a director of the company he established in 1999, following his decision to withdraw his nomination for re-election at yesterday's AGM.

"It's a little bit like having your children going to university," said Williams, "I guess there are stages in everything, and this is the next step in a sense."

In April, Williams was replaced by Stephen Porges as Proteome's CEO. Williams remained as a director and executive of the company, and then on October 31, he retired as an executive.

Although he offered himself for re-election at yesterday's AGM, he later requested that his nomination be withdrawn and the resolution was not put to a vote. He ceased to be a director at the close of the AGM.

"It was entirely his decision," said Proteome chairman Graham Bradley. "Keith had the support of the board to stand for re-election again, but he felt that it was time to change his relationship more fundamentally."

Williams said that, "Bringing in a new CEO had some implications as to where the company was going to move forward. I don't want to get in the way of that. The company needs to be able to move."

"We have refocused our strategy. There has been a significant change," said Bradley. "We're focusing now on being a diagnostic and therapeutic discovery company. That will be where we invest our resources, including the funds raised only a couple of weeks ago in our AUD$9.75 million private placement."

Williams remains a major shareholder in Proteome, with his shares subject to escrow until September 30, 2006. "So there's a huge interest for me for the company to be successful," said Williams. "I'm doing my best to help it be successful."

Williams will also remain with Proteome as a part-time consultant. Bradley said the company wanted to retain the value of Williams' experience and creativity. "He will now be pursuing other things, in addition to his consultancy with Proteome," said Bradley.

"Exactly what I'll do, I'm not sure," said Williams, but he is positive that his retirement "opens up a lot of opportunities". He has a particular interest in Asia.

"China, Japan, Korea and India are where things are really going to grow," said Williams. "I think there are some really good opportunities in those places."

Other directors

After three years on the board, Neill Colledge also retired as a director of Proteome at the AGM.

Colledge joined Proteome's board as a representative of Proteome's largest institutional shareholder, Queensland Investment Corporation. He has since become CEO of Queensland BioCapital Funds, said Bradley.

"Neil felt that his circumstances had changed and it was time for him to retire after three years of very substantial contribution to the company," said Bradley. The company is looking to recruit an independent non-executive director with pharmaceutical or biotechnology experience.

Proteome deputy CEO Jenny Harry was re-elected as a director at the AGM.

"A great number of the key staff have been with the company a good many years," said Bradley. "John Martin, who was the deputy CEO, stepped down from that position earlier this year and remains as a director.

"While it is a new strategic focus -- you could say 'a new era' -- for Proteome, we've nevertheless got considerable continuity from the people who helped build the business," he said.