In a stunning development, Dave Itskowitch, COO of the boxing division of Jay Z’s Roc Nation Sports, abruptly stepped down from his position on Thursday nearly two years after he arrived with a splashy announcement and the creation of a new boxing venture.

Rumors immediately began spinning that Itskowitch, 41, might be rejoining his former boss at Golden Boy Promotions, Richard Schaefer at his new promotional company, Ringstar Sports

Reached in Europe, Schaefer said he hadn’t had any discussions with Itskowitch about reuniting. “I haven’t had any conversations,” Schaefer told RingTV.com. “He’s a great guy. At this point I’m in the process of putting together my company and I want the best team in the business. And that’s pretty much all that I’ll say for now.”

The timing of Itskowitch’s departure is surprising given that Roc Nation client Andre Ward has a light heavyweight match-up with Alexander Brand on Aug. 6 at Oracle Arena in Ward’s hometown of Oakland, California. Roc Nation Sport’s other centerpiece, Miguel Cotto, has struggled to find opponents and is targeting a date later this year to return to the ring.

Staffers at Roc Nation expressed shock at Thursday’s events, claiming they didn’t see it coming. Those remaining in the boxing department will now focus on Ward’s fight with Brand and are confident the event will go off without a hitch. There was no word yet as to who will take the reins after Itskowitch’s departure.

“Roc Nation is thankful for the efforts of David Itskowitch as it relates to Roc Nation Sports,” the company said in a statement to RingTV.com on Thursday night. “At this time, we have decided to part ways and will not be commenting further.”

Itskowitch is widely respected within the industry and has spent the past two decades working at the highest levels. He started off at HBO Sports with Lou DiBella in 1996 and left when DiBella started his own promotional company. In 2006, Itskowitch again switched gears and moved to Los Angeles to serve as COO of Golden Boy Promotions, working in that role until 2013 when he stepped down, citing a need to take a breather from the sport.

The Manhattan resident was introduced with great fanfare as Roc Nation Sports’ COO of a newly created boxing division in Aug. of 2014 and quickly made inroads by helping to sign two of the sport’s biggest stars in Cotto and Ward. Itskowitch could not be reached for immediate comment on Thursday night.