Two executives at blockchain consortium R3 are reportedly going to depart from the corporate amid a larger internal reorganization, sources familiar with the situation reported on January. 26. R3 is an enterprise software system firm that focuses on distributed info technology. It leads a syndicate of over 200 members, like monetary establishments, banks, trade associations and fintech firms.

Sources say that R3 told its employees at town hall conferences on Friday, Jan. 25, that head of world services and managing director Brian McNulty and chief administrative officer Laurel Carroll are leaving. Neither McNulty nor Carroll has responded to Cointelegraph’s request for comment or confirmation by press time.

According to the individuals familiar with the situation, a memorandum sent to the staff by the company’s CEO David Rutter notes the creation of a brand new design team lead by co-founder Todd McDonald, which will be working on both product design and promoting. Previously, product management was within the engineering division.

Other changes reportedly outlined by the memorandum are the creation of a brand new production team which will be developing the company’s technology, lead by chief engineer James Carlyle, and therefore the general counsel’s office is being merged with the external affairs office and now lead by managing director Charley Cooper. R3 has not responded to Top Market Group's request for comment or confirmation on the changes by press time.

As well, the creation of a brand new finance and company team lead by the chief financial officer Paul Harris is reportedly noted within the memorandum. The memorandum also purportedly described minor changes like value-added recruiting and human and business resources to the duties of chief of employees Zack Kavanaugh, still as a search for a chief revenue officer to guide the sales team.

In June 2018, Fortune ran an article reporting that R3 was running out of money, claims that Cooper denied in comments to Top Market Group , noting that they need ample funding for the future after raising over $120 million in total at the time. More recently, Dutch international bank ING has signed a deal with R3 for access to R3’s industrial blockchain platform.

Also, earlier this month, R3 announced the launch of its Corda Network, which will be operated and overseen by a newly created not-for-profit organization, the Corda Network Foundation.

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