Williams steps down as Proteome Systems' CEO

Keith Williams has stepped down from the helm of Proteome Systems (ASX:PXL), and the company has appointed strategic management specialist Stephen Porges as chief executive officer.

Williams, the founder of the company, has been its chief executive since it was established in 1999. He will continue in a senior executive role as founder director, and will remain a member of the board.

In a statement, Proteome's chairman, Graham Bradley, said Williams' resignation was a "significant development" in the company's history. Williams was one of proteomics' "pioneering visionaries", he said, and his initiative in establishing the company and buisling its technology was greatly admired. Porges moves into the role after spending two months conducting a strategic review of the company. His contract includes total fixed remuneration of AUD$120,000 (including superannuation) and a sign-on allocation of performance share rights totalling 750,000, vesting in three tranches; one on each of 1 May, 1 August and 1 November 2005.

His package also includes incentive bonuses payable in the form of cash or performance share rights at the company's election upon the achievement of specific business milestones during the first 12 months of his appointment.

Proteome listed on the ASX last October, in a much-anticipated float. At time of writing its shares were trading at $0.30, far below their issue price during the float of $1.20.