Two R3 Executives Resign After Management Shuffling
By the end of January, R3, one of the well-known providers of distributed ledger technology, has reorganized its internal management structure. This probably led to the abrupt departure of two management team executives. Lauren Carroll, Chief Administrative Officer and Brian McNulty, managing director of R3 Global Services are the two executives who have resigned from their positions.
Other members of the management team shared their view with the R3 employees on Friday during a meeting at the town hall. According to a consortium spokesman, R3 is launching an extensive recruitment project in 2019. However, no specific details were provided regarding the departure of individual staff members. Carroll and McNulty declined to provide reasons for their departure.
Prior to becoming a senior executive at R3, Carroll served as in-house counsel of ICAP. McNulty got hired by the consortium in 2016, during a mass embarkation of member banks. Prior to that, he established the Post Trade Distributed Ledger Group. That is a serious competitor to R3, which has about 40 members including CME Group, State Street Bank and the London Stock Exchange.
Following the reshuffling, Todd McDonald will be responsible for assembling the new team that will bring together all marketing efforts and products of R3. This is based on the document sent to the employees of the company by David Rutter after the meeting at the town hall. In the past, engineering and product management came under the same division and Richard Gendal Brown led that division.
Both divisions are now distinct. Several more changes have been done to the organization’s structure. The General Counsel Office was integrated with the Public Relations and External Affairs Office.
The Chief Engineer of R3, James Carlyle, is now handed over the job of managing the new production team, which will totally back the technological development of R3. The chief of staff, Zack Kavanaugh, will also be responsible for human resources and business resources. Paul Harris is now responsible for the finance and corporate development team.
Right now, the consortium has no chief revenue officer but is considering appointing someone to head the sales team before this month end. Since Scott Grayson left earlier in September, the position was vacant. Grayson left the R3 to join the blockchain service firm AlphaPoint. In June 2018, R3 was hit by rumor that it has ran out of funds. This was mainly due to the bear market, which last year affected the whole industry.
A legal battle between R3 and Ripple related to the purchase of five billion XRP tokens was settled by the end of the year. At the time, R3 did not make any comments. The crypto enthusiasts will hope that the reorganization will be accompanied by a strategy change that brings the consortium closer to its objective and increases its members.