Jumia Technologies AG (NYSE:JMIA) shares rose 2.5% on Tuesday after investors approved the election of five members to the companys Supervisory Board at its Annual General Meeting on May 15.
The shareholder vote resulted in the election of Hassanein Hiridjee, Dr. Akinwumi Ayodeji Adesina and Benjamin T. Faw, along with the re-election of Jonathan D. Klein and Anne Ooga Eriksson. Jonathan D. Klein will continue to serve as Chairman of the Supervisory Board. Anne Ooga Eriksson retains her positions as Deputy Chairperson and Chairperson of the Risk and Audit Committee.
Dr. Akinwumi Ayodeji Adesina joins Jumias board for the first time. He served as President of the African Development Bank Group from 2015 to 2025. During his decade at the bank, the institutions capital base increased from $93 billion to $318 billion. Prior to that role, he was Nigerias Minister of Agriculture and Rural Development.
Benjamin T. Faw also takes a seat on the Supervisory Board, bringing a background in marketing, operations and capital markets. Hassanein Hiridjee, who has been a board member since September 2025, was formally elected by shareholders and is identified with Axian Group, where he is co-founder and CEO of the pan-African conglomerate operating in 21 countries.
The board changes come alongside operational updates from Jumia. The company reported full-year 2025 gross merchandise value of $818.6 million. For the first quarter of 2026, Jumia said GMV rose 31% year-on-year to $212.2 million and revenue increased 39% to $50.6 million.
Management has set specific financial targets: the company is aiming for Adjusted EBITDA breakeven and positive cash flow in the fourth quarter of 2026, followed by full-year profitability and positive cash flow in 2027. The company operates a pan-African e-commerce platform across 8 African countries, connecting approximately 70,000 sellers with customers through its marketplace and logistics network.
Investors responded to the governance and operational developments with a modest uptick in the stock price on Tuesday. The shareholder-approved board lineup and the cited growth metrics form the latest publicly reported milestones as Jumia pursues the outlined profitability and cash flow objectives.