PZ Cussons has announced the appointment of Mr. Oludare Ebenezer Elusakin as its new Chief Financial Officer (CFO), succeeding the interim CFO who has retired.
The announcement, dated November 11, 2024, was issued by the company’s secretary, ALSEC NOMINEES LIMITED, and shared with the public through the Nigerian Exchange (NGX) as well as communicated to shareholders.
Mr. Elusakin's appointment is effective as of November 11, 2024, coinciding with the end of Mr. Brian Egan's interim tenure, which concluded on the same date.
In its announcement, PZ Cussons expressed sincere appreciation for Mr. Egan's significant contributions during his interim role and wished him success in his future pursuits.
The company also expressed strong confidence in Mr. Elusakin's capabilities to make meaningful contributions in his new position, highlighting its commitment to ongoing growth and value creation.
Mr. Elusakin brings over 18 years of extensive experience as a commercial and financial strategist, having worked across various industries and sectors.
His areas of expertise include Financial Planning and Analysis, Business Performance Management, Strategic Planning, and Project Management, as well as skills in Process Optimization, ERP Implementation, Controllership, and Compliance.
Throughout his career, Mr. Elusakin has held senior financial leadership positions in prominent multinational companies across sectors such as Fast-Moving Consumer Goods (FMCG), healthcare, technology, manufacturing, renewable energy, hospital management, and quick-service restaurants.
He has collaborated with international companies such as Unilever, Diageo, and Royal Philips. As a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), he has also participated in executive programs at esteemed institutions, enhancing his financial expertise.
The current interim CFO, Mr. Brian Egan, is scheduled to officially depart from the company on December 20, 2024. In a recent announcement, the Board of Directors of PZ Cussons expressed their gratitude for his contributions:
“The outgoing CFO, Mr. Egan, will leave the organization on December 20, 2024, after demonstrating unwavering dedication and professionalism. We thank him for his significant contributions over the years and wish him success in his future pursuits.”
The company also reaffirmed its dedication to upholding the highest standards of corporate governance, ensuring a smooth transition as Mr. Elusakin takes on his new role.
PZ Cussons’ stock has experienced fluctuating price movements throughout 2024, reflecting the market's responsive nature to the company's performance and strategic choices. Earlier this year, the stock reached a high of N38 per share in March, buoyed by a trading volume of 8.6 million shares and strong buying interest from the previous year.
By May, however, the stock encountered a significant drop, falling to N22 per share with a market volume of 20.3 million shares. Nevertheless, a resurgence of bullish activity in October and early November has led to a recovery of over 15% in the stock price.