NEW YORK (AP) — The New York Times says executive editor Jill Abramson is being replaced by managing editor Dean Baquet after two and a half years on the job.

The company didn’t give a reason for the change. Abramson and Baquet had both been in their current positions since September 2011.

Executive editor Jill Abramson, pictured here speaking at an April cocktail reception in New York City, is leaving the Grey Lady, sources said Wednesday.

Executive Editor for The New York Times Jill Abramson speaks at the cocktail reception for the New York Times Cities for Tomorrow Conference on April 21, 2014 in New York City. (Neilson Barnard/Getty Images for the New York Times)

Baquet, who would be the first African-American to hold the newspaper’s highest editorial position, received a Pulitzer Prize for investigative reporting in 1988. Baquet, 57, has worked for the Times since 2007.

Abramson, 60, was the paper’s first female executive editor. She joined the newspaper in 1997 and was managing editor for eight years before she took the top editing position.

New York Times Co. shares fell 59 cents, or 3.7 percent, to $15.18 in afternoon trading.

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