PZ Cussons Appoints Financial Veteran Oludare Elusakin as CFO

PZ Cussons has introduced a new chapter in its leadership journey, appointing Mr. Oludare Ebenezer Elusakin as its new Chief Financial Officer (CFO). This decision, effective November 11, 2024, follows the completion of Mr. Brian Egan’s interim tenure. The announcement, shared with the Nigerian Exchange (NGX) and signed by ALSEC Nominees Limited, marks an important moment for the company.

PZ Cussons expressed gratitude to Mr. Egan for his service as interim CFO, acknowledging his contributions to the company during a pivotal transition period. The Board conveyed their appreciation in a formal statement, extending their best wishes for his future. Mr. Egan will formally exit the company on December 20, 2024, marking a planned and structured handover period to ensure continuity and stability in financial operations.

The company has placed its confidence in Mr. Elusakin’s strategic and financial acumen to lead PZ Cussons in its next phase of growth. With over 18 years of experience in high-level financial roles across diverse industries, Mr. Elusakin is well-prepared to drive forward the company’s financial and business strategy.

About Mr. Oludare Ebenezer Elusakin

Mr. Elusakin is recognized as a seasoned commercial and financial strategist, bringing a wealth of experience across industries such as FMCG, healthcare, technology, renewable energy, manufacturing, and quick-service restaurants. His career includes pivotal roles at multinationals like Unilever, Diageo, and Royal Philips, where he honed his skills in financial planning, strategic business management, and process optimization. 

A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Elusakin has also completed executive programs at leading institutions, equipping him with a strong foundation in strategic finance. His expertise in ERP implementation, compliance, and business performance management will be instrumental as PZ Cussons focuses on creating long-term value for shareholders.

PZ Cussons’ Board of Directors emphasised their dedication to high standards of corporate governance throughout this leadership change. The transition to Mr. Elusakin’s tenure highlights the company’s commitment to sustaining robust financial leadership that aligns with its growth strategy.

Stock Market Performance

The financial year has seen notable fluctuations in PZ Cussons’ stock. Earlier in 2024, shares peaked at N38 in March with a market volume of 8.6 million, propelled by strong market interest. However, by May, the stock experienced a downturn, dropping to N22 alongside a heightened volume of 20.3 million shares. Recently, renewed market optimism has sparked a 15% correction, indicating growing investor confidence as the company embarks on this next phase.