The New York Times has abruptly fired executive editor Jill Abramson. The paper said late Wednesday managing editor Dean Baquet will take over as executive editor, effective immediately.
Abramson was the first woman to run the newspaper. News of her departure was met with shock in the newsroom.
Paper publisher Arthur Sulzberger, Jr. said the departure was due to "an issue with management in the newsroom."
"Jill Abramson has my sincere thanks for not just preserving and extending the excellence of our news report during her time as executive editor, but also for inspiring her colleagues to adjust their approach to how we deliver the news," Sulzberger said.
Her replacement, Baquet, is the first African-American to serve as the Times' executive editor.
New York Times shares were down 4.9 percent in afternoon trading after the announcement, touching a session low.
Abramson said in a statement: "I've loved my run at the Times. I got to work with the best journalists in the world doing so much stand-up journalism. Holding powerful institutions accountable is the mission of the Times and the hallmark of my time as executive editor, whether stories about China, government secrecy, or powerful figures and corporations."
Some information in this report was contributed by Reuters.