Meeting PZ Cussons’ CEO: Lee and the IC

In this episode of 'Lee and the IC', host Alex Newman and Lord Lee of Trafford welcome Jonathan Myers, CEO of PZ Cussons, for an in-depth discussion on the UK-based consumer goods company's strategic transformation and future outlook. Myers outlines PZ Cussons' focus on 'locally loved brands' across four key markets—UK, Australia, Indonesia, and Nigeria—where 70% of its revenue comes from number one market positions. The conversation covers the company's recent strategic review, which concluded in December 2025, and the decision to retain its African operations despite pressure and offers, citing strong operational resilience and long-term value. Myers details how the business has improved its go-to-market strategy in the US by partnering with Emerson Group, leading to double-digit growth in Saint-Tropez, and implemented 'guardrails' to mitigate FX and liquidity risks in Nigeria. The episode also explores PZ’s undervaluation relative to revenue and net assets, its innovation strategy, and the importance of brand equity. Myers emphasizes the company’s balanced exposure between developed and emerging markets, its commitment to organic growth and bolt-on acquisitions, and the need for greater investor visibility and PR engagement. Key takeaways include: 1) PZ Cussons is executing a focused strategy on high-market-share, locally relevant brands in four core markets; 2) The company has successfully mitigated risks from Nigeria’s Naira devaluation through strategic cash management and operational resilience; 3) Strategic partnerships, like with Emerson Group in the US, are driving growth in key markets; 4) The business is undervalued relative to revenue and net assets, with strong potential for re-rating; 5) Myers is personally committed to long-term value creation, holding twice his salary in PZ stock; 6) The company is actively pursuing bolt-on acquisitions in developed markets; 7) Enhanced investor communication and brand visibility are now priorities; 8) Despite geopolitical uncertainty, Myers remains confident in the company’s long-term prospects, rating his outlook at 7+ out of 10 over the next 3–4 years.