The company disclosed the development in a notification to shareholders, the investing public and the Nigerian Exchange Limited, signed by its Company Secretary, ALSEC Nominees Limited.

The notice revealed that Kostianis, the former PZ Cussons Nigeria CEO, stepped down from his position and resigned from the company’s board effective May 31, 2026, as he moves to a new role within the PZ Cussons Group.

“The Company hereby notifies NGX and the investing public that Mr Dimitrios Kostianis will step down from his role as Chief Executive Officer and resign from the Board of PZ Cussons Nigeria Plc with effect from 31st May 2026 in order to take on a new role within the PZ Cussons Group,” the notification stated.

“The Board expresses its sincere appreciation to Mr Kostianis for his service and contributions to the Company and wishes him continued success.”

His departure comes after a period of recovery for the consumer goods company. During his tenure, PZ Cussons Nigeria returned to profitability and restored a positive equity position after years of financial challenges.

For the half-year ended November 30, 2025, the company reported a pre-tax profit of N37.9 billion, an improvement from the N5.5 billion loss recorded in the corresponding period a year earlier. 

Second-quarter earnings of N16.3 billion supported the turnaround, while stronger revenue, foreign exchange profits, higher other income and lower interest costs also boosted performance.

PZ Cussons said Kostianis played an important role in that recovery, helping to stabilise the business and support its growth strategy during a difficult period for manufacturers operating in Nigeria’s high-inflation environment.

Taking over from him is Elueni, who currently serves as managing director of the company’s Consumer business. He joined PZ Cussons Nigeria in 2021 and brings more than two decades of experience in the consumer goods sector.

Before joining the company, he held senior leadership positions at SC Johnson and Procter & Gamble across Africa and the United States. 

His experience spans commercial operations, brand management and business leadership in both Nigerian and international markets.

Announcing the appointment, the board said, “The Board has approved the appointment of Mr Oghale Joseph Elueni to the Board of Directors as Managing Director/Chief Executive Officer of the Company with effect from 1st June 2026.”

“The Board is confident that his leadership capabilities, commercial experience, and deep understanding of the business will support the continued growth and strategic direction of the Company.”

The appointment places an executive with vast consumer goods experience to lead the company as it seeks to build on its recent financial recovery and strengthen its place in the competitive market.

The board also approved the appointment of Ebenezer Oludare Elusakin as executive director and chief financial officer, effective June 1, 2026.

Elusakin has served as Chief Financial Officer since November 2024 and has been involved in the company’s financial management and strategic planning. Before joining PZ Cussons Nigeria, he held finance leadership roles at Unilever, Diageo and Royal Philips.

Per Bloomberg, discussions are still at an early stage and there is no certainty a deal will happen. Both companies declined to comment.

Shortly after, PayPal shares rose 6.7% to $47.02 in New York on Tuesday. That gives the company a market value of about $43.3 billion.

Stripe, which is still privately held, recently confirmed a $159 billion valuation in an employee tender offer. The company was founded by brothers Patrick Collison and John Collison. It has grown into one of the most valuable financial technology firms in the world.

Speaking this week, Patrick Collison said: “PayPal has had, obviously, a tough time over the past few years and the landscape has changed quite a bit with Apple Pay and Google Pay and everything like that. I can’t talk about any, you know, M&A hypotheticals but they’ve definitely had a tough time.”

PayPal was founded in the late 1990s and helped build early online payments. In recent years, however, it has faced slower growth.

Digital wallets such as Apple Inc.’s Apple Pay and Alphabet Inc.’s Google Pay have taken market share. The company’s fourth-quarter revenue and profit fell short of analysts’ estimates. Payment volumes have also slowed.

At the same time, PayPal is changing its leadership. Enrique Lores will become president and chief executive on March 1, replacing Alex Chriss, who was removed earlier this month. David Dorman has been appointed board chair.

Stripe, meanwhile, has continued to expand. The company processed $1.9 trillion in payment volume in 2025. It has also secured a US national bank trust charter for its stablecoin subsidiary, Bridge, showing plans to strengthen its role in regulated digital payments.

If the acquisition of PayPal by Stripe proceeds, the transaction could rank among the largest deals in the financial technology sector.