Shares of Jumia Technologies AG (JMIA) plummeted 7.43% in intraday trading on Tuesday, as investors reacted negatively to a significant management reshuffle announced by the African e-commerce company. The sharp decline underscores the market's skepticism towards the unexpected 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 sudden change in top management appears to have unsettled investors, leading to the significant stock price drop. Leadership transitions often create uncertainty about a company's future direction and strategy, which can prompt sell-offs. As the market digests this news, all eyes will be on how the new management team plans to navigate the challenges and opportunities in the competitive e-commerce landscape in Africa.