The Ethereum Foundation (EF), the non-profit organization that supports the development and research of the Ethereum blockchain, shared in a blog post on Saturday that they have selected Hsiao-Wei Wang and Tomasz Stańczak as their new co-executive directors.

The news follows Tuesday’s announcement of Aya Miyaguchi leaving that role to become the EF’s new president. The leadership shake-up follows intense debate among the community about the EF’s role in the ecosystem, as some have blamed the organization and its leadership for the blockchain’s token ether (ETH) price lagging behind other cryptocurrencies, while the blockchain attracted for the first time less new developers than its competitor Solana.

Wang has been at the EF since 2017, where she helped do research on concepts like sharding, as well as contributed to Ethereum’s major overhaul known as “the Merge.” Stańczak founded Nerthermind, one of the largest software or clients that operate the Ethereum blockchain.

“Over the next few years, the Ethereum ecosystem needs to navigate the challenging transition from being an early-stage project serving a small number of enthusiasts to being a robust permissionless censorship-resistant base layer of the küresel finance and software stack,” the Foundation said in their blog post.

More shuffling

In addition to Wang and Stańczak assuming their new roles, ex-EF researcher Danny Ryan shared that he would be joining Etherealize, the new project aimed at bringing ETH to Wall Street. The firm was founded by former banker Vivek Raman, who shared previously with CoinDesk that one of the goals of Etherealize is to bridge the gap between Ethereum and the banks by educating institutions and marketing ETH as a serious crypto asset.

In a post shared on X, Ryan said that he intends “to build a new Ethereum institution with Real World Ethereum as its north star.”

“The world is ready to come on-chain, and we’re here to do the hard work necessary to make it happen,” Ryan added.