Detection and response firm IronNet has restructured its management team as part of a deal to be taken private by major shareholder C5 Capital and Cohen Circle and delisted from the New York Stock Exchange.

Foremost among the changes, IronNet’s founder, Keith Alexander, has stepped down from the position of CEO, with C5 Chair Linda Zecher assuming the role. Alexander will continue to serve as the chairman of IronNet’s board in a non-executive capacity, while Cameron Pforr has been appointed president in addition to his current role as CFO.

Zecher also currently serves on the boards of cloud security firm Tenable and entertainment group Hasbro, and was CEO of education publisher Houghton Mifflin Harcourt and corporate vice president of Microsoft’s worldwide public sector organization.

C5 Capital has provided IronNet USD 13.2 million in financial support in the form of convertible notes since December 2022, reportedly bringing the cybersecurity firm back from the brink of bankruptcy. IronNet was reportedly discussing its liquidation with the SEC amidst mass layoffs, dismissal of its co-CEO and VFO, and an employee class-action. 

A joint venture between C5 and Cohen Circle will provide IronNet USD 15.5 million in funding prior to the deal closing, and up to USD 51 million once delisting has taken place. C5 will allocate funding based on weekly reports provided by IronNet on its receivables, payables, and operating requirements. The company has also reportedly committed to a debt-restructuring and recapitalization and will update its SEC filings to meet current standards.