Qredo CEO Removed from Position:
Anthony Foy, co-founder and CEO of Qredo, has been removed from his position following a management reorganization led by investors.
Duncan Payne-Shelley, formerly the CFO, has taken over as the new CEO.
Qredo has secured debt funding to keep its operations afloat.
Qredo CEO Steps Down
Anthony Foy, who co-founded the blockchain startup Qredo, has recently been removed from his position.
This decision was made as part of a reorganization led by 10T Holdings, the main investor in Qredo’s series A funding round.
The 64-year-old Foy has been replaced by Duncan Payne-Shelley, 48, who previously served as the CFO at Qredo. Payne-Shelley expressed gratitude towards Foy for his leadership and emphasized Qredo’s continued commitment to efficiency and innovation in its core offerings.
“In light of our recent organizational changes, we would like to thank Anthony for his leadership, acknowledging that the time for change had come.”
– stated Payne-Shelley
Qredo’s Financial Challenges and Strategic Realignment
In addition to the change in leadership, Qredo has also faced significant financial challenges. The company received debt funding, led by 10T Holdings, to remain operational.
This funding came after Qredo rejected an equity funding offer, which would have diluted existing shareholders’ ownership. The company has also had to downsize its workforce and shut down Ankex, a hybrid exchange project, due to financial constraints.
As you can see, these measures are part of a cost-reduction strategy and a focus on essential aspects of its business.
