Jonathan Ramsden, chief operating officer at Abercrombie & Fitch, announced that he will resign from the company effective June 15, 2016.

This move seems to have left investors uneasy, as, following this announcement, Abercrombie stock dropped 7 percent to $24.51 per share.

Ramsden will not be immediately replaced, instead his responsibilities will be assumed by other company executives. This group of executives has collectively run the company since former CEO Mike Jefferies resigned in December 2014.

Ramsden joined Abercrombie & Fitch as executive vice president and chief financial officer in December 2008 and has been the company’s COO since January 2014.

“The decision to leave was a very difficult one, but I know that the Company is in the hands of an outstanding leadership team and that we have built a strong foundation for growth and success,” Ramsden said in a press release.