Multinational consumer goods company, PZ Cussons Nigeria, has announced the appointment of Mr. Oludare Elusakin as its new Chief Financial Officer with effect from Monday.
A corporate notice filed with the Nigerian Exchange Limited on Monday indicated that Elusakin’s appointment followed the expiration of the contract of the interim CFO, Mr Brian Egan.
According to the profile of Elusakin provided by the company, he is a commercial and finance leader with over 18 years of experience in financial planning and analysis, business performance management, strategy, project management, process improvement, shared service, operations finance, ERP implementation, controllership, fundraising, reporting, and compliance.
“He has held several senior-level finance roles in major multinationals, across different geographies, and in various industries including Fast Moving Consumer Group, Health Technology, Manufacturing, Renewable Energy, Hospital Management, and Quick Service Restaurants.
“He is an alumnus of top corporate brands like Unilever, Diageo, and Royal Philips, a Fellow of the Institute of Chartered Accountants of Nigeria, and a beneficiary of several management and executive programs hosted by globally recognised institutions,” part of his profile read.
The outgoing CFO, Mr. Egan will exit the business on 20 December 2024.
PZ Cussons Nigeria went on to reassure its stakeholders of its commitment to “upholding the highest standards of corporate governance and transparency, and we will ensure a smooth transition during this period.”
Meanwhile, PZ Cussons, says it has commenced plans to sell its African subsidiaries to any interested buyer. The parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued by about 70 per cent as of September.
According to the consumer goods manufacturer, the board has also received multiple interests regarding the sale of its African business.
The document read, “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.
“At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.
“The period was marked by a 70 per cent devaluation of the Nigerian naira, which has had significant implications on our reported financials. We have worked hard to mitigate the impact of this on the group while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”
