FedEx Corp. (FDX) shares closed down 2.5% Friday to $179.30 after the company announced that David Bronczek will step down as president and chief operating officer and will be replaced by Raj Subramaniam. 

The move becomes official March 1 after Bronczek, 64, made a "personal decision" to retire, the company said in a regulatory filing. Bronczek was named to the board on Jan. 28, a month after Subramaniam, 52, was promoted to lead FedEx Express. 

Bronczek has been with FedEx since 1976.

"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," CEO Fred Smith said in the statement. "Raj has significant experience in many areas of our portfolio, which will be vital as he steps into this position.''

FedEx said that Bronczek's decision to retire is not a result of any dispute between him and the company or any matter relating to operations. He was seen as a successor to Smith.

Separately, FedEx announced that its board declared a quarterly cash dividend of 65 cents a share. The dividend is payable April 1, to shareholders of record on March 11.