Internal Reorganization of R3 Blockchain Firm Leads to Departure of Two Management Members

Reorganization of a company is often a way to indicate that the positions of power are changing. However, sometimes this simple statement shows that the company is losing members too, which is the case with R3. The distributed ledger technology provider has chosen the latter definition, bidding farewell to two significant members of the management committee.

The two members who will soon be gone include Brian McNulty, the head of global services and a managing director, and Lauren Carroll, working as a chief administrative officer. The town hall meetings hosted on Friday already announced their impending departure.

Along with these two management members leaving, the company will also be offering a hiring program this year. While a spokesperson for R3 confirmed all of these details but did not speak on the departures of the specific individuals. At this time, neither McNulty or Carroll have spoken on their decisions to leave either.

McNulty had been a part of R3 since early 2016, which was around the same time that the company was onboarding new consortium member banks. He was responsible for founding the Post Trade Distributed Ledger before his time with R3, which was a rival to the platform with about 40member banks, like CME Group, State Street Bank, and the London Stock Exchange. Carroll, on the other hand, had worked at ICAP as the in-house counsel. She followed this work by switching to a business management role at R3 instead.

Part of the changes includes a new “design” team that Todd McDonald will be running, focusing on product and marketing work. This change was confirmed by CEO David Rutter, who issued a memo that was sent out after the town hall meetings to all of the employees.

Formerly, the division that ran engineering was the same as what was responsible for product management. Richard Gendal Brown will remain in charge of this sector. Other changes will include:

  • James Carlyle, a chief engineer that will be in charge of a new “production” team for deploying the R3 technology with the platform’s clients.
  • Zach Kavanaugh, a chief of staff that will take on HR and business resources, along with recruiting.
  • Paul Harris, a chief financial officer that will be supervising the corporate development and finance team.

Charley Cooper, who has been supervising the public relations and regulatory affairs of R3, will be taking on the general counsel’s office, which has been combined with external affairs. The company is presently looking for a chief revenue officer (CRO) that will be heading the sale team, as the vacancy occurred as a result of Scott Grayson’s departure in September. Grayson instead chose to work with AlphaPoint, a blockchain services firm.

Based on their recent changes over the last year, R3 has been the subject of continual speculation of the media that they were running low on funds. The company also was in the middle of a legal disagreement with Ripple, which was about five billion XRP tokens that were meant to be purchased through a smart token. The matter has since been resolved.

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