R3, a Distributed ledger technology provider is going through a significant internal reorganization. The reorganization in the start-up firm has caused the departure of two members of its committee.
Sources unveiled that as part of its reorganization, R3 loses two members of its management committee who are Brian McNulty, a managing director and head of global services, along with Lauren Carroll, chief administrative officer. The well-known blockchain company addressed its employees and revealed the news at town hall meetings on Friday, Jan. 25.
Executives who are leaving the firm haven’t commented anything regarding their departure as yet. McNulty became part of R3 in March 2016. At the time, the firm was working on the associations with consortium member banks. McNulty is also a founder of the PTDL (Post Trade Distributed Ledger) Group. On the other hand, Carroll functioned as an in-house counsel at ICAP. Later, he got into business management roles at the electronic trading firm.
R3 operates as an enterprise software firm which specializes in distributed database technology. It contains an association of more than 200 members that involves financial institutions, banks, trade associations and fintech companies. Notably, company’s CEO David Rutter sent a memo to the employees of R3. The memo pointed out to the creation of a new team formation. Co-Founder Todd McDonald will head the team design, according to the memo. Notably, McDonald will be dealing with both the fields product design and marketing. Product design was previously managed under the engineering division. Now, the engineering division will be handled by Richard Gendal Brown.
The memo notes further changes which detail about the new production team that will add value to the company’s technology. According to that, James Carlyle will run a new “production team” being a Chief engineer. Also, the general counsel’s office and external affairs have been merged. It will be lead by Charley Cooper, who has been working on regulatory issues and public relations since long. The memo mentioned several other changes, which affects the firm’s departments such as recruiting, HR and business, finance and corporate development and sales.
Recently, reports have indicated that R3 will provide access to its commercial blockchain platform to Dutch international bank ING, as part of a deal.