Bojangles’ Inc. announced Monday afternoon that President and Chief Executive Officer Clifton Rutledge has resigned, citing “personal reasons.”

The board of directors appointed James “Randy” Kibler as interim president and CEO and announced it will begin a search immediately to fill the position permanently.

“After 40 years in the restaurant industry including four plus years as president and CEO of Bojangles’, I have decided it’s time to step down and take some time to enjoy my family,” said Rutledge in a statement. “I have enjoyed being a part of growing the brand’s footprint throughout the Southeast, and also the development of the talented teams both at the Support Center and in the field.”

Rutledge had served as the CEO of Bojangles’ since February 2014. In 2016, Rutledge saw a 52.8 percent increase in compensation, totaling to $1,468,939 per year. He will receive severance benefits.

The news comes after a difficult year financially for the fast food chain. In July, the company reported a 14 percent decline in earnings resulting in a 6 percent fall in stock price. The company was predicted to post quarterly earnings Monday.

Bojangles’ has 749 system-wide restaurants, of which 316 were company-operated and 433 were franchised restaurants, primarily located in the Southeastern United States

Kibler, who will replace Rutledge immediately, has been a director of the company since August 2011 and served as a director and non-executive chairman from February 2014 to June 2016. Prior to this, from September 2007 to January 2014, Kibler served as president, CEO, and director for Bojangles’ Restaurants, Inc., the company’s subsidiary.

“We appreciate Randy stepping into these roles on a temporary basis,” said director and non-executive chairman William Kussell in a statement. “The Board is fully confident in his ability to lead the Bojangles’ team until we can complete the process of identifying a suitable replacement.”

Bojangles stock closed Monday afternoon at $13.75, up 25 cents.