Jumia, a leading eCommerce firm in Africa has announced that it’s founders and co-Chief Executive Officers of, Sacha Poignonnec and Jeremy Hodara, have both stepped down from their position with immediate effect.
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This is as the Africa-focused e-commerce group is struggling with persistent losses and a slumping share price.
According to a statement on Monday, Francis Dufay, who has held various leadership roles at Jumia since 2014, has been appointed as the acting CEO.
It added that a search for a permanent replacement for the former leaders was underway.
In the statement, the Chairman, Jonathan Klein, said, “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.
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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.
