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Jumia changes its board of directors and CEOs step down as it refocuses on profitability.

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

Hodara and Poignonnec have led Jumia since its inception in 2012, overseeing its expansion into 11 countries, the company’s listing on the New York Stock Exchange in 2019, and the development of a logistics and payments arm.

The supervisory board has appointed Francis Dufay as acting CEO while the search for a permanent CEO continues. Dufay has been with Jumia since 2014, serving as CEO of Jumia Ivory Coast and most recently as executive vice president of Africa, overseeing the group’s e-commerce business across Africa. Dufay, like Hodara and Poignonnec, worked at the global consulting firm Mckinsey before joining Jumia in 2014.

Antoine Maillet-Mezeray, who was previously Jumia’s group CFO, has also been promoted to executive vice president of finance and operations by the supervisory board. These two changes are just the beginning of a series of senior management changes that the company will implement over the next few months. On its Q3 earnings call on November 17, 2022, the company will provide additional information on this announcement and business priorities.

According to the statement, the duo is tasked with “reducing operating losses and putting the business on a clear path to profitability, through stronger cost discipline, targeted monetization initiatives, and a more simplified and efficient organization.”

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.”

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