A recent bit of surprise FedEx news concerning an executive departure has FDX stock down on Friday.

FedEx (NYSE:FDX) says that David J. Bronczek is retiring from his various roles at the company. This has him leaving behind the position of President and COO, as well as giving up his seat on the Board of Directors.

The FedEx news doesn’t provide much in the way of details as to why Bronczek is retiring from the company. Instead, it simply states that the former President and COO is doing so for his own personal reasons.

While the departure of Bronczek has FDX stock down on Friday, the company already has a replacement ready to take over for him. This replacement is Raj Subramaniam, who will be taking over the roles of President and COO on March 1.

Raj Subramaniam is the current President and CEO of FedEx Express. He will continue to hold this position after taking on the additional roles being left open by Bronczek’s retirement. Subramaniam will also be serving as the co-President and co-CEO of FedEx Services.

“On behalf of the Board and management team, we recognize Dave for his years of service to FedEx. FedEx has a deep bench of talent, and I am confident that the transition will be seamless,” Frederick W. Smith, Chairman and CEO of FedEx, said in a statement. “Raj has significant experience in many areas of our portfolio, which will be vital as he steps into this position.”

FDX stock was down 3% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.