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Jumia changes board and CEOs step down as it renews focus on profitability

Jumia, the African eCommerce giant, has announced a few changes in its management with the appointment of a new management board and the departure of co-founders Jeremy Hodara and Sacha Poignonnec as co-CEOs, according to a statement seen by TechCabal.

Hodara and Poignonnec have been at the helm of Jumia since it started in 2012, overseeing its expansion into 11 countries, getting the company listed on the New York stock exchange in 2019, and building out a logistics and payments arm.

Francis Dufay has been appointed as acting CEO by the supervisory board while the search for a permanent CEO continues. Dufay who’s been with Jumia since 2014 has held multiple senior leadership roles, including CEO of Jumia Ivory Coast and recently executive vice president of Africa overseeing the group’s e-commerce business across Africa. Before joining Jumia in 2014, Dufay worked at the global consulting firm Mckinsey, just like Hodara and Poignonnec.

The supervisory board has also promoted Antoine Maillet-Mezeray who was previously Jumia’s group CFO, to executive vice president of finance & operations. These two changes are only the first out of many other senior management changes that the company will be making over the next few months. The company will provide additional information on this announcement and business priorities on its Q3 earnings call scheduled for November 17, 2022.

The duo, Mailet-Mezeray and Dufay are tasked with “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,” according to the statement.

Jumia has been making losses since its inception, reporting $57.2 million in its 2022 second-quarter report.

“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,” Jonathan Klein, Chairman of the Supervisory Board, said in the statement.

The company has long shared its ambition to become profitable but it’s not been clear how soon that will happen, even as the company steadily decreases its losses.

After its Q2 earnings reports, Poignonnec said in an interview that, “there is not a silver bullet that will suddenly make it profitable.”

https://techcabal.com/2022/11/07/jumia-board-ceos-step-down-renews-focus-on-profitability%EF%BF%BC/

These guys!

On seeing this, I initially thought they have folded this nonsense called jumia. Always sending a substandard products to buyers different from what was posted.
Why can't they be like amazon and others?

Jumia and delivering “what I ordered vs what I got”

Search for CEO ke
I Dey here na

Oh never knew they are whites

Are they accepting applications for the positions of co-owners?

This type of business was created just for the board members.

Uhh, Shai I will not apply for this position

Entrepreneurship isn't for the faint-hearted!

Good one there!

Is that so?

Jumia started in 2012?

All these ones don make am already.

God bless all our hustle..

I thought na nigeria person get jumia. Chai. Wetin africans pass.

Why

Jumia supposed be the best eCommerce in Africa but instead they devised to doing magu magu look at this fraud called Black Friday they literally inflated price and then reduced it back to the original price while claiming 50% reduction

Am planning on buying it.

buying from jumia I'd different from getting ur orders

If u know u know

This their business wen no gree make profit sef

That's cool

Good they have made enough money ..

phemmyjohnson:
Good they have made enough money ..

There's nothing like enough money.

That's oyibo for you

Lol... Black Friday don ruin company down.

Search no more,ur c e I is here...just check my siggy...

The first guy looks like a psychopath with those eyes.

I even thought someone with Black Blockus like me owns it.

It's hard to sustain every union eternally.

Even religion has not been spared from time past.

How much more Capitalism!

Hmm

cyndy1000:
Jumia and delivering “what I ordered vs what I got”

When you want to buy original for fake price

Not surprised they've been making loses since inception. The expectation from their orders almost never meets expectations