Madison Square Garden Company President and CEO David O’Connor, right, is applauded by MSG Networks Inc. President and CEO Andrea Greenberg, center, and others as his company's spinoff begins trading, Thursday, Oct. 1, 2015, on the floor of the New York Stock Exchange.

The Madison Square Garden Company announced on Monday that CEO David O'Connor stepped down from his position, effective immediately. James Dolan, the company's executive chairman, was appointed interim CEO, the company said in a statement.

The company was trading down more than two percent after the announcement.

O'Connor joined the New York City-based sports and entertainment company in 2015 after more than 30 years at the Creative Artists Agency. He oversaw the spin-off of MSG from its predecessor company MSG Networks Inc.