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Fred R. Conrad/The New York Times John M. Geddes, left, with the executive editor of The New York Times, Jill Abramson, and a fellow managing editor, Dean Baquet.

2:37 p.m. | Updated John M. Geddes, a managing editor for The New York Times for the last decade and one of the top three editors at the paper, has decided to leave the company. In a note sent to the newsroom staff on Friday afternoon, Mr. Geddes said he was accepting a buyout package and would depart in several months after helping with transition on the newspaper's masthead.

In his note, Mr. Geddes reflected on the many things he would miss about The Times, where he has worked for nearly two decades.

"After serving four executive editors, it is time for new horizons," said Mr. Geddes in his announcement. He said would "ache for the vibrations that the newsroom gives off when a crisis erupts and we scramble" and would miss "hearing about a great story (or new ways to tell one)."

Mr. Geddes joined The Times in 1994 as its business editor and worked his way up the company's editorial ranks. Before joining The Times, he had spent 13 years at The Wall Street Journal working in both New York and in Europe. He currently serves as one of two managing editors for The Times, along with Dean Baquet.

His departure comes as the paper undertakes a broader restructuring in the newsroom. Like many newspapers facing a troubled advertising market, The Times is trying to cut expenses; in December the paper offered buyout packages to nonunion staff members. It sought 30 volunteers, and said it would resort to layoffs if not enough employees opted for the buyout.

In recent months, The Times has also announced the departures of executives on the business side, including Robert Christie, senior vice president of corporate communications, and Scott Heekin-Canedy, president and general manager of The New York Times. Both of their positions have been eliminated with their departures.

Jill Abramson, the executive editor, said in a statement: "John Geddes is the consummate newsman with superb instincts for stories and people. We've been partners in the newsroom for nearly a decade. He has given his all to the Times for far longer than that. Most of all, I'll miss his company."

Here is Mr. Geddes's memo to the staff:

A man walks out of a bar . . .

I'm moving on. I've arrived at that magical spot where a buyout offer miraculously appears and presents me with new opportunities. Yes, yes, I know everyone says you have to do this carefully and be armed with a plan, but I don't have one – not yet.

Frankly, I blame this lack of personal preparedness on this place. I've always believed The New York Times works because it is, at heart, a collective of unique individuals bound together in pursuit of great journalism. We're about the common goal, not about jostling one another for a place in a transitory spotlight. The mission is about us, not about me or you.

We know that our vaunted pedestal is really the achievement of those who came before us, and our chief charge is to build on their legacy. While our readers and our colleagues — you —are the ultimate jury, I've tried over the last 15 years on the masthead to do my best to help figure out how we marshal the resources to cover the news, develop one another's talents and secure as firm a hold as we can on our digital future.

I've tried to do it with both brains and heart. You've deserved no less, and I'm going to miss you. I'll ache for the vibrations that the newsroom gives off when a crisis erupts and we scramble. I'll miss helping shape new sections, launching new apps, hearing about a great story (or new ways to tell one) and seeing you in the elevators, across the floor and at the New Faces parties at my apartment.
I got into this profession partly because I wanted a job without repetition, a chance to deal with something new each day. Geez, Louise, I got what I asked for. I've had fun, and even on the bad days couldn't imagine not coming into work.

But after serving four executive editors, it is time for new horizons. Jill has asked me to delay my departure for a few months to help with the masthead transition. I'm happy to do that because it will give me time to say thanks to so many of you individually.

. . . and on his arm is a wonderful woman he met inside.
Best, John