Published: Thu, November 10, 2016
Economy | By Melissa Porter

Twitter Executive Adam Bain Heading out as Company Falters

Twitter Executive Adam Bain Heading out as Company Falters

Twitter's chief financial officer, Anthony Noto, has been named COO effective immediately, Twitter said in a statement Wednesday.

"Adam has built an incredible team and a global business from the ground up", said Jack Dorsey, Twitter's CEO, said in a written statement.

Adam Bain, Twitter's Chief Operating Officer, is leaving the company. It seems that with everyone assuring each other that they mutually respect each other and admire what they have all done as a team, that Bain's departure from the massive social platform is amicable. Bain left the company of his own will.

Twitter's stock was down 5% after hours, after small gains Wednesday on news that Donald Trump had won the presidential election. "I'm grateful to Adam for everything he's done for Twitter, and for his leadership and friendship over the years". "The one part of the business that actually worked was the part he works on, which is advertising". Noto will handle both jobs temporarily, but Twitter has already started a search to hire a new CFO to report directly to CEO Jack Dorsey.

Twitter has assumed a central role in public conversations around the world and U.S. President-elect Donald J. Trump made it a centre piece of his controversial election campaign.

Twitter's monthly active users rose to 317 million in the September quarter, from 314 million the previous quarter - relatively stagnant when compared to Instagram and Snapchat. The company went public at $26 in 2013.

Only a few months ago in July 2016, the company lost its vice-president of media for North America, Kirstine Stewart, who had previously been the founding head of Twitter Canada and, before that, executive vice-president and head of CBC English services. Noto is highly regarded on Wall Street, he noted.

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