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 held several leadership positions at Jumia since 2014, was name the interim CEO. It also said that a search for a permanent successor for the outgoing leaders was ongoing.
“Poignonnec and Hodara, who had previously worked together at McKinsey & Co., created Jumia in 2012; with the goal of bringing internet shopping and commerce to African markets. The organization, which is based in Lagos, Nigeria, sought to expand into industries including food.