Jumia CEOs Step Down as Firm Suffers Losses

The founders and co-Chief Executive Officers of Jumia Technologies, Sacha Poignonnec and Jeremy Hodara, have both stepped down from their position.

This is as the Africa-focused e-commerce group is struggling with persistent losses and a slumping share price.
According to a statement by the company, Francis Dufay, who previously held the CEO role at Jumia Ivory Coast, will now replace both co-founders as acting CEO.

The statement added that a search for a permanent replacement for the former leaders was underway.
The statement also announced the promotion of Jumia Group’s former Chief Financial Officer, Antoine Maillet-Mezeray to the position of Executive Vice President, Finance & Operations for the Group.
Commenting on the Co-founders’ exit, Jumia’s board chairman Jonathan Klein said;

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“We want to bring more focus to the core e-commerce business as part of a more simplified and efficient organization with stronger fundamentals and a clearer path to profitability.”

Poignonnec and Hodara were former colleagues at McKinsey & Co who founded Jumia in 2012 with a plan to introduce online retail and trading of goods to African markets.

The group, which operates out of Lagos, Nigeria, pursued expansion into the likes of food delivery but has yet to make a profit.

Jumia listed in the US in 2019, and the shares have since lost 71% of their value.

The stock slumped 13% as of 12:19 p.m. in New York.