PZ Cussons has officially announced the appointment of Mr. Oludare Ebenezer Elusakin as its new Chief Financial Officer (CFO), following the retirement of the interim CFO.
The disclosure, released on November 11, 2024, and signed by the company’s secretary, ALSEC NOMINEES LIMITED, was made public via the Nigerian Exchange (NGX) and communicated to shareholders.
Effective November 11, 2024, the appointment came after the conclusion of the interim tenure of Mr. Brian Egan, whose contract expired the same day.
In its statement, PZ Cussons expressed deep gratitude to Mr. Egan for his invaluable contributions during his time as interim CFO and extended best wishes for his future endeavors.
At the same time, the company expressed confidence in Mr. Elusakin’s ability to contribute effectively to the role, emphasizing its focus on continued growth and value creation.
About Mr. Oludare Ebenezer Elusakin
Mr. Elusakin is a seasoned commercial and financial strategist with over 18 years of professional experience across diverse industries and disciplines.
His expertise spans areas such as Financial Planning and Analysis, Business Performance Management, Strategic Planning, and Project Management, alongside skills in Process Optimization, ERP Implementation, Controllership, and Compliance.
Throughout his career, Mr. Elusakin has held senior financial leadership roles in leading multinationals across diverse sectors such as Fast-Moving Consumer Goods (FMCG), healthcare, technology, manufacturing, renewable energy, hospital management, and quick-service restaurants.
He has worked with global corporations such as Unilever, Diageo, and Royal Philips. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), he has also attended executive programs at reputable institutions, building his expertise in finance.
Transition Period
The outgoing interim CFO, Mr. Brian Egan, is set to formally leave the company on December 20, 2024. In the disclosure, PZ Cussons’ Board of Directors expressed their appreciation for his service:
‘’The outgoing CFO, Mr. Egan will exit the business on 20 December 2024 having served the Company with dedication and professionalism. We extend our appreciation to him for his valuable contributions over the years and wish him well in his future endeavours.’’
The company also reiterated its commitment to maintaining the highest standards of corporate governance, ensuring a seamless transition as Mr. Elusakin assumes his new responsibilities.
Stock Market Performance
- PZ Cussons’ stock has seen varying price movements in 2024, reflecting the market’s dynamic response to the company’s performance and strategic decisions.
- Earlier in the year, it peaked at N38 per share in March, supported by a market volume of 8.6 million shares and driven by strong buying momentum carried over from the previous year.
- By May, the stock faced a sharp decline, dropping to N22 per share, accompanied by a market volume of 20.3 million shares.
However, renewed bullish momentum in October and early November has helped the stock correct by over 15%.
