According to Foresight News, Qredo co-founder and CEO Anthony Foy has been removed from the company following an investor-led management shake-up, and Qredo has secured debt financing to maintain its operations. The position of Qredo CEO has been taken over by 48-year-old Qredo CFO Duncan Payne-Shelley. In addition to Foy, Qredo's COO Josh Goodbody is no longer working for the company and has been replaced by the company's Chief Human Resources Officer Becky Mifsud. In recent weeks, Qredo has also appointed two new board members, former Sotheby's President and CEO Thomas Sidney Tad Smith, Jr. and Raizada Bhavin Vaid, head 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. One of the two sources said the company has now secured debt financing in a deal led by 10T Holdings, with the specific financing amount undisclosed. The source said the company initially received an equity deal but turned it down because it would require Qredo to issue new shares and dilute existing shareholders' ownership.