Sacha Poignonnec and Jeremy Hodara, the founders and co-CEOs of Jumia Technologies, have both resigned from their positions with immediate effect.
This comes as the Africa-focused e-commerce business struggles with repeated losses and a falling share price, according to Bloomberg.
Francis Dufay, who has held different leadership roles at Jumia since 2014, was named acting CEO on Monday, according to a statement.
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.”
Jumia Black Friday – The More You Look, The Less You Understand(Opens in a new browser tab)
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, Bloomberg noted.
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.
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