Sacha Poignonnec and Jeremy Hodara, the co-founders and co-CEOs of Jumia Technologies, have both resigned from their positions with immediate effect.
This comes as Bloomberg reported that the e-commerce company with an emphasis on Africa is grappling with ongoing losses and a falling share price.
Francis Dufay, who has served in a variety of executive capacities at Jumia since 2014, was named the acting CEO, according to a statement on Monday.
It also stated that efforts were being made to find a long-term successor for the outgoing leaders.
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 was formed in 2012 by former McKinsey & Co. employees Poignonnec and Hodara with the goal of bringing online retail and trade of goods to African markets.
According to Bloomberg, the company, which is based in Lagos, Nigeria, sought development into industries like food delivery but hasn’t yet turned a profit.
The shares of Jumia were listed in the US in 2019, and since then, they have lost 71% of their value. In New York, the stock fell 13% as of 12:19 p.m.
