The founders and co-CEOs of Jumia Technologies, Sacha Poignonnec and Jeremy Hodara have both resigned from their positions after persistent losses.
According to Bloomberg report, the Africa-focused e-commerce group is struggling with persistent losses and a slumping share price.
In 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 organisation 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.
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 percent of their value. The stock slumped 13 per cent as of 12:19 p.m. in New York.
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