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 company revealed that 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 leadership overhaul at Jumia.

This sudden change in top management appears to have unsettled investors, leading to the sharp pre-market decline. Leadership transitions often create uncertainty about a company's future direction and strategy, which can prompt short-term sell-offs. As the market digests this news, all eyes will be on how the new management team plans to steer Jumia through the competitive e-commerce landscape in Africa.