PZ Cussons names Elusakin as new financial chief amid plans for strategic divestment in Africa
By Felicia Nwosu
PZ Cussons Nigeria, a subsidiary of the global consumer goods group, has appointed Oludare Elusakin as its new Chief Financial Officer.
This transition marks the conclusion of Mr. Brian Egan’s interim tenure, with his exit from the role scheduled for December 20, 2024, as the company steers through strategic changes in its African operations.
PZ Cussons highlighted Elusakin’s extensive expertise across a range of high-level financial functions, reflecting nearly two decades of professional experience.
Known as a versatile leader in finance, he has built a reputation for overseeing complex processes within financial planning, performance analytics, corporate strategy, project execution, and cross-functional initiatives.
His career spans various sectors, including fast-moving consumer goods, healthcare technology, and renewable energy, with a portfolio that includes significant roles at Unilever, Diageo, and Royal Philips.
Elusakin, a Fellow of the Institute of Chartered Accountants of Nigeria, has also completed multiple executive development programs with internationally recognized business schools.
As PZ Cussons navigates its African portfolio, the parent company has disclosed an ongoing evaluation of potential sales of its African subsidiaries, citing the need to limit exposure to currency volatility.
The devaluation of the naira, which has plunged by 70 percent since September, has intensified financial pressures. While no definitive decisions on divestment have been reached, the company acknowledged several interested parties for either full or partial acquisition.
The notable firm emphasized its commitment to maintaining corporate governance and shareholder value, noting that the last year included significant operational achievements amidst challenging economic conditions.
The group’s strategy includes portfolio realignment to optimize competitiveness in the markets that align best with its long-term objectives.
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