Twitter’s chief operating officer Adam Bain to step down

SAN FRANCISCO, Nov. 10 (UPI) — Twitter announced Thursday that Adam Bain, its chief operating officer, will leave the company.

Bain’s duties will be temporarily taken over by Anthony Noto, 48, Twitter’s chief financial officer, until a permanent replacement is found. The change is regarded as a major development as the troubled company attempts to reshape itself as a growing media services company, USA Today said Thursday.

A number of high-level executives have left Twitter since Jack Dorsey was appointed chief executive officer in October 2015.

The highly regarded Bain, 43, joined Twitter’s advertising department in 2010, and under his direction advertising revenues grew from $28.3 million in 2010 to over $2 billion in 2015. Twitter’s ad business then slowed, and the company announced a 9 percent employee cutback in October, with Bain’s department taking the biggest hit.

Well-liked on Wall Street and known within Twitter’s culture as a positive-thinking corporate cheerleader, Bain’s departure caused a 3 percent decline in the value of Twitter shares in Wednesday’s after-hours trading.