Shares of Jumia Technologies AG (JMIA) tumbled 6.98% in pre-market trading on Tuesday, as investors reacted to a significant management reshuffle announced by the African e-commerce company. The sharp decline highlights the market's initial skepticism towards the leadership changes.

According to a company statement, Francis Dufay has been appointed as the new Chief Executive Officer, while Antoine Maillet-Mezeray will take on the role of Executive Vice President, Finance & Operations. Both executives have also been named to the Management Board, signaling a comprehensive overhaul of Jumia's top leadership.

The pre-market plunge suggests that investors may be concerned about the potential implications of these management changes on Jumia's future strategy and performance. As the African e-commerce landscape continues to evolve rapidly, the market will be closely watching how the new leadership team navigates the challenges and opportunities ahead for Jumia Technologies.