Qredo secures debt financing led by 10T Holdings, CEO removed

The Block quoted people familiar with the matter as saying that Qredo co-founder and CEO Anthony Foy was removed from the company after an investor-led management overhaul, and Qredo also obtained debt financing to maintain its operations. The position of Qredo CEO has been replaced by 48-year-old Qredo CFO Duncan Payne-Shelley. In addition to Foy, Qredo's chief operating officer Josh Goodbody also no longer works for the company and has been replaced by the company's chief people officer Becky Mifsud. Qredo has also appointed two new board members in recent weeks, former Sotheby's President and CEO Thomas Sidney Tad Smith, Jr., and Raizada Bhavin Vaid, principal of 10T Holdings and 1RoundTable Partners. Meanwhile, Stan Miroshnik, co-founder and partner of 10T Holdings and founder and managing partner of TenSquared Capital, has left the Qredo board. The company has now secured an undisclosed amount of debt financing in a deal led by 10T Holdings, one of the two sources said. The company was first offered an equity deal but turned it down because it would have required Qredo to issue new shares and dilute existing shareholders' ownership, sources said.