Jumia’s founder and co-founder Chief Executive Officers (CEOs) have resigned with immediate effect as the company struggles with persistent losses and plummeting share price.
Jeremy Hodara and Sacha Poignonnec both Co-CEOs stepped down effective Monday, November 7, 2022.
Jumia Technologies AG then announced the appointment of a new Management Board and Acting Chief Executive Officer (CEO).
The Supervisory Board appointed Francis Dufay and Antoine Maillet-Mezeray as members of the Company’s Management Board.
Francis Dufay, the Acting CEO, has been with the Company since 2014 and has held multiple senior leadership roles, including CEO of Ivory Coast and recently EVP Africa with responsibility for the group’s e-commerce business across Africa.
“Francis has a track record of successfully scaling e-commerce operations in Africa with a strong focus on profitability. Based in Ivory Coast since 2014 and an Ivorian national, Francis brings a deep understanding of our business and the markets that we operate in,” the board said.
Antoine Maillet-Mezeray previously Group Chief Financial Officer, has been elevated to Executive Vice President, Finance and Operations.
Antoine has been with Jumia for over six years and has played an instrumental role in driving the finance function and further developing it in a public market context.
Jonathan Klein, Chairman of the Supervisory Board, said of the announcement, “We thank Jeremy and Sacha for their leadership over the last decade to envision and build a company that became the leading pan-African e-commerce player. As we look ahead to the next chapter of Jumia’s journey, 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. We look forward to working closely with Francis, Antoine and the leadership team to execute these objectives and continue on our mission of offering a compelling e-commerce platform to consumers, sellers and the broader Jumia ecosystem in Africa.”
Francis, Antoine and the broader leadership team will work together closely to drive the Company’s strategic priorities and operations with a clear focus on building even stronger fundamentals for “our e-commerce businesses by refocusing teams and resources on activities and projects delivering the best-added value to consumers, sellers and the broader Jumia ecosystem”.
He will also focus on reducing operating losses and setting the business on a clear path to profitability, through stronger cost discipline, targeted monetization initiatives and a more simplified and efficient organization.
The Company will be making select senior management changes with a focus on locating leaders and decision centres closer to consumers and sellers in Africa. In parallel, a search for a permanent CEO is ongoing.
Francis Dufay and Antoine Maillet-Mezeray stated, “We have an outstanding platform, a strong brand and a talented team. We believe in Jumia’s relevance to African consumers and are confident in the Company’s ability to deliver strong results. We are working on a comprehensive plan to bring more focus to the business and drive sharper execution to scale the business towards profitability.”
Jeremy Hodara and Sacha Poignonnec commented, “We are proud to have built Jumia, pioneering e-commerce on the continent and creating along the way a unique culture and a great platform in which millions of consumers and thousands of sellers find great value. It is time for us to pass the baton to a new team, we are excited for all that is to come for the business and look forward to cheering the Company on from a new vantage point.”
The Company said it will provide additional information on this announcement and business priorities as part of its Q3 earnings call scheduled for November 17, 2022.