Jumia founder and cofounder CEOs Jeremy Hodara and Sacha Poignonnec resigns as the company struggles with persistent losses and plummeting share prices.
According to Bloomberg Sacha Poignonnec and Jeremy Hodara have resigned from their positions as CEO founders of Jumia
In a statement, Francis Dufay was appointed the new acting CEO of the company, Francis has been in various leadership roles in Jumia since 2014.
A permanent replacement for the leaders is currently underway.
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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.”
The co-founders were both colleagues at McKinsey & Co and started Jumia in 2012 with a plan to introduce online retail to Africa.
Jumia was 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.
This just comes after the company launched its yearly black Friday sales Last Friday with all the Kenyan influencers attending the event.
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