Acting ceo of google According to a central fallout statement, Jumia, the African e-commerce giant, has made a management change. Sacha Poignonnec and Jeremy Hodara have resigned as co-CEOs.
They were the founders of Jumia, Africa’s only publicly traded company listed on the NYSE. Since then, they have been in charge of Jumia’s pan African expansion through 11 countries.
Acting ceo of google: Jumia’s CEO in Ivory Coast
Francis Dufay was previously the Jumia’s CEO in Ivory Coast. The company’s Supervisory Board stated that Dufay will now be the acting CEO.
Dufay, who has been with Jumia from 2014, held multiple senior leadership positions, including executive VP Africa, which was responsible for the group’s e-commerce operations across Africa.
acting ceo of googleThe Supervisory Board has appointed Dufay (previously Jumia Group chief financial officer) to the company’s Management Board. Maillet-Mezeray has been with Jumia over six years.
She is responsible for the finance function of the company and helps “further develop it in a market context.” He was promoted to executive vice president, Finance & Operations.
Jonathan Klein, Chairman of the Supervisory Board, stated that the announcement was made in gratitude to Sacha and Jeremy for their leadership.
“As we look forward to the next chapter in Jumia’s story, we want more focus on the core ecommerce business to make Jumia a simpler and more efficient organization with stronger foundations and a clearer pathway to profitability.
We look forward working with Francis, Antoine, and the leadership team in achieving these goals and continuing our mission to offer a compelling ecommerce platform for consumers, sellers, and the wider Jumia ecosystem.
Dufay and Maillet-Mezeray still have a lot of work to do.
Maillet-Mezeray and Dufay have a lot of work ahead of them. Jumia’s previous management failed to turn a profit quarter since its public listing in 2019.
Despite the fact that the co-CEOs repeatedly mentioned how the company was focused on its path towards profitability during quarterly calls, the current management has not.
central fallout was told by Poignonnec last quarter that Jumia, which is projected to lose up to $220million in adjusted EBITDA this year, was making progress on its path toward profitability due to increased revenues and better cost control.
In August’s interview, the co-chief executive stated that they would double their efforts to make significant steps towards profitability. This is still the main objective of our strategy.
Jumia, the African e-commerce giant, is believed to be in a light years from profitability by some investors. It’s easy to see why.
The resignations of Hodara and his brother mean that the responsibility for managing this company’s future is now on the shoulders of the new management. central fallout has seen a statement that Dufay, the acting CEO, and his leadership team will have to work together to reduce Jumia’s operating losses and set the company on a clear path to profitability.
They will also be expected to strengthen the platform’s ecommerce business through a reorientation of resources and teams to activities and projects that provide the highest value for consumers, sellers, as well as the wider Jumia ecosystem.
These are only the beginning of the changes that have occurred at the company. As the search for a permanent chief executive officer continues, we can expect more changes in senior management.
The Supervisory Board stated that its selections must be “leaders, decision centers closer to African consumers and sellers.” It will discuss these changes during its Q3 earnings call.
“We are proud of having built Jumia. We pioneered e-commerce in Africa and created along the way a unique cultural and a great platform where millions of consumers find great value.
” Sacha Poignonnec and Jeremy Hodara on their departure. “It’s time to hand the baton to a new group. We are looking forward to seeing the company grow from a new perspective. Here and here are their thoughts on exits.
In 2012, Jumia was launched by Hodara and Poignonnec alongside Tunde Kehinde (and Kofi Afaedor). Jumia was faced with heavy competition from Konga in its first years of operation as Nigeria’s ecommerce market grew.
It was able to outperform its competition thanks to a large investment portfolio. In 2016, the e-commerce platform became Africa’s first unicorn.
It raised more than $850 million in the following years. This money was used to expand into new markets, and it set the stage for its IPO three year later.
However, Jumia’s time at the bourse was a rollercoaster ride. The valuation of the e-commerce company was $1.2 billion. It went public at $14.50 per share.
These acting ceo of google numbers increased to $49.77 million and $3.8 billion in the same week. Investors have lost faith in the company’s ability become a profitable business after it was hit with fraud allegations, PR crises and increased losses in consecutive quarterly reports.
Jumia’s share prices have remained below $10 through 2022. It currently trades at $4.22 per Share with a market capital of $420 million.
Jumia has made progress despite its setbacks. Jumia saw a double-digit increase in its orders, active quarterly clients, GMV and revenue during Q2 2022. The same was true for JumiaPay’s TPV.
However, its logistics business grew by triple digits quarter-overquarter in terms the volume of packages shipped.
Jumia, a pan-African ecommerce company, was listed today on the New York Stock Exchange. Shares began trading at $14.50 and are traded under the ticker symbol JMIA.
This is four weeks after Sacha Poignonnec, CEO of Jumia, confirmed that the IPO was being conducted to central fallout. Jumia also filed SEC documents. Jumia is now the first African startup to list on a major global exchange.
This article has been updated with more information about the new management and Jumia.
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