FIGHT OR FLIGHT

Twitter’s chief operating officer is leaving

Obsession
Messaging
Obsession
Messaging

Twitter just lost one of its top executives as it attempts to figure out its future after failing to find a buyer during a recent flirtation with a sale.

On Nov. 9, the company’s chief operating officer, Adam Bain, announced that he was ending his six-year stint at the company. In a series of tweets, he said he was moving onto “something new outside the company” but didn’t divulge further details.

Bain also thanked co-founders Ev Williams, Biz Stone, and Jack Dorsey, the current chief executive officer. Dick Costolo, who served as CEO from 2010 to 2015, was also included in Bain’s note of gratitude. Bain left the company of his own will.

Anthony Noto, Twitter’s CFO, is assuming the COO role, and will be in charge of all revenue, sales, global partnerships, and business development. He’s been leading Twitter’s live video efforts, and will continue to serve as CFO while the company searches for his successor.

“Since joining Twitter in 2010, Adam has built an amazing team and a global business from the ground up,” Twitter CEO Jack Dorsey said in a statement to Quartz. “I’m grateful to Adam for everything he’s done for Twitter, and for his leadership and friendship over the years.”

Bain, who came to Twitter from Fox, was extremely well liked by his colleagues, and is credited with building the company’s multi-billion dollar advertising business.

The microblogging site’s stock was down nearly 3% in after-hours trading.

Last month, Twitter laid off 9% of its workforce—many of the cuts were in the sales and marketing division under Bain—and killed off the popular six-second video sharing platform Vine. The company also vowed to present a game plan to curb harassment on the platform, which is yet to be released. Meanwhile, the company’s performance continues to disappoint. User growth and revenue have both been tapering off over the years and money-making seems far off.

Numerous leaders around the globe have left amid the restructuring efforts: Karen Stocks, the company’s Australia managing director, departed on Oct. 28; India head Rishi Jaitly stepped down on Nov. 1; and Parminder Singh, managing director for the south Asia region followed soon after.

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