A corporate announcement submitted to the Nigerian Exchange Limited on Monday revealed that Elusakin's appointment comes after the conclusion of the interim CFO, Mr. Brian Egan's contract.
Elusakin brings over 18 years of expertise in financial planning and analysis, business performance management, strategy, project management, process improvement, shared services, operations finance, ERP implementation, controllership, fundraising, reporting, and compliance, as highlighted in his company profile.
He has held various senior finance positions in prominent multinational corporations across diverse regions and industries, including Fast-Moving Consumer Goods, Health Technology, Manufacturing, Renewable Energy, Hospital Management, and Quick Service Restaurants.
Elusakin is a graduate of prestigious corporate entities such as Unilever, Diageo, and Royal Philips. He is also a Fellow of the Institute of Chartered Accountants of Nigeria and has participated in numerous management and executive programs offered by globally recognized institutions.
Mr. Egan, the outgoing CFO, is set to leave the company on December 20, 2024.
PZ Cussons Nigeria has assured its stakeholders of its dedication to maintaining the highest standards of corporate governance and transparency, emphasizing its commitment to ensuring a seamless transition during this period.
PZ Cussons has announced its intention to explore the sale of its African subsidiaries to potential buyers. The parent company of PZ Cussons Nigeria is considering either a partial or complete divestiture to reduce its vulnerability to the significant fluctuations in the naira, which has depreciated by approximately 70 percent as of September.
The consumer goods manufacturer indicated that its board has received several expressions of interest concerning the divestment of its African operations.
The statement noted, “In the past year, we have made steady operational advancements and achieved our strategic objectives despite facing macroeconomic challenges.
“Simultaneously, we have initiated crucial steps to transform our business and enhance shareholder value by concentrating our portfolio on areas where we can be most competitive.
“This period has been characterized by a 70 percent devaluation of the Nigerian naira, which has profoundly affected our financial reporting. We have diligently worked to lessen the impact of this situation on the group while continuing to support Nigerian consumers who are experiencing unprecedented inflation and economic hardships.”