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| New York Times executive editor Jill Abramson replaced | New York Times executive editor Jill Abramson replaced |
| (35 minutes later) | |
| In a surprise move, the New York Times newspaper has announced that it has replaced executive editor Jill Abramson - the first woman to lead the paper - with immediate effect. | |
| Dean Baquet, 57, the paper's managing editor, has been named as the replacement. | Dean Baquet, 57, the paper's managing editor, has been named as the replacement. |
| Arthur Sulzberger Jr, chairman of the New York Times company, did not give a reason for the sudden change. | Arthur Sulzberger Jr, chairman of the New York Times company, did not give a reason for the sudden change. |
| Shares in the company fell more than 4%, dropping to a 28-year low. | Shares in the company fell more than 4%, dropping to a 28-year low. |
| Ms Abramson, 60, was appointed in 2011. | Ms Abramson, 60, was appointed in 2011. |
| In a statement, she said: "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." | In a statement, she said: "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." |
| Mr Baquet, a Pulitzer Prize-winning journalist who formerly edited the Los Angeles Times, will become the first African-American to lead the paper. | Mr Baquet, a Pulitzer Prize-winning journalist who formerly edited the Los Angeles Times, will become the first African-American to lead the paper. |
| The New York Times recently reported net income of $1.8m, and said that both print and advertising sales had grown for the first time in several years. | The New York Times recently reported net income of $1.8m, and said that both print and advertising sales had grown for the first time in several years. |