Twitter stock fell by 4% on Wednesday following the departure of company COO Adam Bain.
According to a press release from Twitter Inc., Bain is leaving in order to “explore opportunities outside the company.” With the company facing financial difficulties, it seem’s that Bain is moving on.
Throughout the day on Wednesday, Twitter stock fell by as much as 4%, devaluing it’s already declining stock price. Twitter CFO Anthony Noto is set to take over for Bain as the company’s COO, making him the second highest ranking executive at Twitter below CEO and co-founder Jack Dorsey.
Bain announced his departure personally via a series of tweets saying that he was “ready to change gears.”
According to the New York Times, Bain has agreed not to work for Twitter competitors such as Facebook and will not receive any severance compensation from Twitter as he is leaving of his own volition.
Anthony Noto expressed his support of Bain, saying he “couldn’t imagine the last 3 years without you [Bain].”
CEO Jack Dorsey said, “Since joining Twitter in 2010, Adam has built an amazing team and a global business from the ground up, I’m grateful to Adam for everything he’s done for Twitter, and for his leadership and friendship over the years. I can’t wait to see what he does next!”
Lucas Nolan is a reporter for Breitbart Tech covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan_ or email him at lnolan@breitbart.com
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