Qredo CEO Anthony Foy Removed from Company in Investor-Led Overhaul
According to sources, Qredo co-founder and CEO Anthony Foy has been removed from the company as part of an investor-led management overhaul. The change was initiated by 10T Holdings, Qredo’s Series A lead investor, who had the power to request a leadership change due to their significant ownership and board representation. Foy’s departure has been disclosed in a filing with Companies House. Duncan Payne-Shelley, Qredo’s chief financial officer, has taken over as the new CEO.
COO and Board Changes at Qredo
In addition to Foy, Qredo’s chief operating officer, Josh Goodbody, is no longer working for the company and has been replaced by Becky Mifsud, the chief people officer. Goodbody will now serve as a director for the Qredo Foundation. The company has also appointed two new board members: Tad Smith, former president and CEO of Sotheby’s, and Bhavin Vaid, principal at 10T Holdings and 1RoundTable Partners.
Debt Financing Secured to Sustain Operations
To address its financial challenges, Qredo has secured debt financing in a deal led by 10T Holdings. The details of the financing are undisclosed. Previously, Qredo had to cut jobs twice to reduce expenses amid financial difficulties. The company also closed down its Ankex hybrid exchange project earlier this month.
Qredo’s Series A Funds and Future Plans
Qredo raised $80 million in a Series A round in February 2022 but faced financial strain due to aggressive expansion efforts and a bearish market. The company spent heavily on technology and team expansion but struggled to gain traction. With a slimmer headcount and debt financing in place, Qredo will decide its course of action for 2024, including whether to continue building its products and fundraising or pursue a sale.
Hot Take: Qredo Undergoes Management Overhaul and Seeks Financial Stability
Qredo, a cryptocurrency company, has experienced significant changes in its leadership and management structure. CEO Anthony Foy has been removed from the company following an investor-led overhaul, with CFO Duncan Payne-Shelley taking over as the new CEO. The company has also seen changes in its COO position and board composition. To sustain its operations, Qredo has secured debt financing led by 10T Holdings. These developments come as Qredo faces financial challenges and seeks to navigate its path forward in a competitive market. The company will need to make strategic decisions about its future, including potential product development, fundraising, or exploring sale opportunities.
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