Following the departure of former Co-CEOs Jeremy Hodara and Sacha Poignonnec, Jumia has appointed Francis Dufay as CEO.
Dufay, who was previously the acting CEO, joined Jumia in 2014 and was appointed as a Vice President in 2022. The company’s board expressed confidence in Dufay’s leadership and his ability to lead Jumia towards profitability.
Jumia has been under pressure to achieve profitability for a decade and its board had previously hinted at the need to run the company from Africa. Despite being far from profitability, Jumia’s Q4 2022 and full-year 2022 reports suggest that it is making progress towards its goal.
Dufay has stated that Jumia intends to improve its fundamentals to grow the business while also reducing its losses.
The company expects to lose around $100-120 million in 2023, which is half of its full-year losses in 2022. Jumia is implementing a strategy to accelerate its path to profitability, and early signs of success are emerging.
Dufay remains confident about the company’s growth opportunity and is committed to making fundamental improvements to its consumer value proposition for sustainable long-term growth.