Jumia Founder Hodara and Co-Founder Sacha Step Down as Co-CEOs
Jumia's founder and co-founder CEOs have resigned effective immediately as the business suffers with ongoing losses and a falling stock price.
Jumia Founder Hodara and Co-Founder Sacha Step Down as Co-CEOs
Jumia’s founder and co-founder CEOs have resigned effective immediately as the business suffers with ongoing losses and a falling stock price.
As of Monday, November 7, 2022, both Co-CEOs Jeremy Hodara and Sacha Poignonnec resigned.
The nomination of a new Management Board and Acting CEO was then announced by Jumia Technologies AG (CEO).
Francis Dufay and Antoine Maillet-Mezeray were appointed by the Supervisory Board to the Company’s Management Board.
Since joining the company in 2014, Francis Dufay, the acting CEO, has held a number of senior leadership positions, including CEO of the Ivory Coast and, most recently, EVP Africa, with responsibility for the group’s e-commerce division throughout Africa.
“With a strong emphasis on profitability, Francis has a history of scaling e-commerce operations in Africa. Francis, an Ivorian who has lived in Ivory Coast since 2014, provides a profound understanding of our company and the markets we serve, according to the board.
Jumia’s acting CEO, Francis Dufay
Former Group Chief Financial Officer Antoine Maillet-Mezeray has been promoted to Executive Vice President, Finance and Operations.
Antoine has been with Jumia for more than six years and has been crucial in advancing the financial function in a setting including a public market.
“We appreciate Jeremy and Sacha for their leadership over the previous decade to design and construct a firm that became the premier pan-African e-commerce player,” stated Jonathan Klein, Chairman of the Supervisory Board, in response to the announcement.
As we anticipate the next phase of Jumia’s development, we want to provide more attention to the company’s core e-commerce operations as part of a more straightforward and effective structure with stronger foundations and a clearer route to profitability.
To accomplish these goals and stay true to our aim of providing a compelling e-commerce platform to buyers, sellers, and the larger Jumia ecosystem in Africa, we look forward to cooperating closely with Francis, Antoine, and the leadership team.
Building even stronger foundations 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,” Francis, Antoine, and the rest of the leadership team will collaborate closely to drive the Company’s strategic priorities and operations.
Executive Vice President for Finance and Operations, Antoine Maillet-Mezeray
Additionally, he will put more of an emphasis on decreasing operating losses and putting the company on a clear road to profitability through tighter control over spending, targeted monetization initiatives, and a leaner, more effective structure.
With an emphasis on positioning leaders and decision-making centers closer to buyers and sellers in Africa, the company will make a few changes to its senior management. In addition, a permanent CEO is still being sought after.
We have a fantastic platform, a powerful brand, and a skilled team, according to Francis Dufay and Antoine Maillet-Mezeray. We are confident in the Company’s capacity to produce impressive outcomes and in Jumia’s relevance to African consumers. We are putting the finishing touches on a thorough plan to sharpen the business’s performance and increase its focus as it grows toward profitability.
“We are delighted to have established Jumia, pioneering e-commerce on the continent and developing along the way a unique culture and a fantastic platform in which millions of customers and thousands of sellers find great value,” Jeremy Hodara and Sacha Poignonnec said in their statement. It is time for us to hand the reins over to a new group. We are eager to see what the future holds for the company and are looking forward to supporting it from a different vantage point.
On November 17, 2022, the company announced that during its Q3 results call, which will also cover its business priorities, it will provide more details on this announcement.
