David Colburn, interim chief executive officer and acting chairman at Smart Online, is the “permanent” CEO for the firm, the software-as-a-service firm said Monday.

Colburn also stepped down as chairman.

Replacing him is Doron Roethler, a stockholder in Smart Online. Former chairman Jeff LeRose recently resigned as chairman.

Colburn had been a member of the board and was asked to take over day-to-day management of the firm after a Securities and Exchange Commission investigation led to the ouster of the company’s former CEO.

Michael Nouri resigned in September. He, a brother and four securities brokers face securities fraud charges.

Smart Online faces class-action lawsuits as a result of actions related to the SEC investigation.

Colburn has served as an executive with several tech firms and also has served on several corporate boards.

“Having worked with the company over the past few months, I believe that Smart Online is well-positioned for success and poised to take full advantage of the growing market opportunity that lies ahead,” Colburn said in a statement.