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CoinDesk learned that the R3 distributed ledger technology vendor had undergone a thorough internal reorganization, resulting in the departure of two members of its management committee.
Brian McNulty, General Manager and Head of Global Services, and Lauren Carroll, General Manager, leave the company, R3 told employees at public meetings on Friday, according to people close to the situation.
A spokesman for R3 confirmed the internal reorganization, which he said will include an extensive recruitment program for 2019, but declined to comment on individual departures from staff. Neither McNulty nor Carroll responded to requests for comment by the press.
McNulty joined R3 in March 2016, while the start-up was busy integrating the member banks of the consortium. Previously, he founded the PTDL group (Post Trade Distributed Ledger), a blockchain rival group with about 40 members, including the CME Group, State Street Bank and the London Stock Exchange.
Carroll was previously an in-house legal counsel at ICAP before moving to corporate management positions within the e-commerce company.
New team structure
As part of the reorganization, co-founder Todd McDonald will lead a new "design" team that combines all of R3's product and marketing efforts, according to a memo.
Product management was previously in the same division as engineering, which Richard Gendal Brown will continue to lead.
The memo also highlighted several other changes:
- Chief Engineer James Carlyle will lead a new "production" team dedicated to supporting the deployment of R3 technology in corporate customers.
- The General Council Office was merged with external affairs and placed under the responsibility of Charley Cooper, who has long overseen regulatory affairs and public relations for R3.
- Chief of Staff Zack Kavanaugh has badumed additional responsibilities for recruitment, human resources and commercial resources.
- CFO Paul Harris will oversee a joint finance and business development team (mergers and acquisitions).
- Research is underway to find a revenue manager (CRO) to lead the sales team. As CoinDesk reports earlier this month, Scott Grayson, the former R3 sales manager, left in September and recently joins the blockchain services company AlphaPoint.
In June 2018, R3 was to introduce himself media speculation that the company was running out of money. More recently, a dispute with Ripple regarding a contract to purchase five billion XRP chips was solved.
Image: David Rutter, founder of R3 at Consensus, from CoinDesk archives
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