Celsius Network appointed Chris Ferraro to the role of chief restructuring officer and interim chief executive officer and that co-founder and CEO Alex Mashinsky has resigned as CEO effective immediately. The announcement was made by David Barse and Alan Carr, special committee members of the board of directors of Celsius.

Barse and Carr have found that since the start of the company’s Chapter 11 proceedings, Ferraro has been a valued executive in very challenging circumstances.

“The special committee is grateful to Alex for his dedication to the company and his efforts to assist with the company’s restructuring,” Barse and Carr said in a joint statement. “We look forward to the company’s continued engagement with the Unsecured Creditors’ Committee and other key stakeholders in our case, under Chris’ leadership, to consummate a comprehensive and expeditious restructuring that maximizes value for all stakeholders.”

Ferraro was previously appointed CFO of Celsius. Before Celsius, Ferraro spent nearly 18 years at JPMorgan Chase, serving in various roles including global head of FP&A and treasurer of the Retail Bank. Ferraro’s leadership and expertise spans all areas of corporate finance as well as asset and liability management.