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Twitter’s COO Adam Bain Quits the Company; CFO Anthony Noto to Fill the Post

Twitter Chief Operating Officer Adam Bain has resigned from his job as well as the company. Chief Financial Officer Anthony Noto has now been named as the new COO of the company, and Twitter has now started search for a new CFO.

Anthony Noto is acknowledged as the person who built the company’s business model. He will now handle data and revenue products, global advertising sales, and business development in Twitter.

Adam Bain, 43, is leaving Twitter when company is facing slowing revenue growth. He completed six years at Twitter in August this year. However, Twitter’s growth has been hit by its stagnant user numbers, which slowed its growth in recent quarters. Mr. Bain, who built company’s advertising from zero to $2.55 billion (projected revenue this year), was having trouble persuading advertisers to spend more. Adam Bain was well liked by advertisers as well as the Wall Street for running the company’s advertising business. Bain was once considered the top candidate to be the CEO of Twitter, but co-founder Jack Dorsey was later found to be the better choice for the job.

For the past many months, Twitter has been trying to increase its popularity among internet users and reshape itself as the growing social media service. In September, Twitter tried to explore sale of the company, but all three potential bidders – Alphabet’s Google, Salesforce and Walt Disney – backed away. The company later said it is planning to cut 350 jobs (9% of its staff) and concentrate in the sales and marketing areas to move the company more quickly towards profitability in 2017.

Mr. Noto, who joined Twitter two years ago, will now have more control over the company’s strategy. He has been amassing more responsibilities recently, and is given credit for building Twitter’s live video strategy and finalizing deals with news and sports firms (including the national Football League) to stream their content.

“The past six years have been incredible, and I’m inspired by what Twitter has become and what it will be in the future,” Mr. Bain said in a statement. “Anthony and I have worked side by side since he joined Twitter in July 2014 and I have full faith in what he and the teams will accomplish in the future.”

“I’m excited to take with me everything I’ve experienced at Twitter & do something totally different and new outside the company,” Mr. Bain said in a tweet.

Jack Dorsey, Twitter’s chief executive, added: “Since joining Twitter in 2010, Adam has built an amazing team and a global business from the ground up.”

About Twitter

Launched in 2006, Twitter is the online news and social networking service where allows users to post and read short messages called “tweets”. The 140-character tweets can be post and read by registered users, but unregistered users can only read these messages. Twitter Inc, has over 25 offices globally and is headquartered in San Francisco.

Twitter was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams, and after its launch, the service quickly gained popularity worldwide. Twitter had over 100 million users in 2012 who were posing 340 million tweets daily. By next year, Twitter had become one of the ten most-visited websites.

In February 2015, Twitter announced acquisition of Niche, an ad network for social media stars. It then acquired Periscope (an app which allows live streaming of video) and then TellApart (a commerce ads tech firm). However, later it became apparent that Twitter’s had stalled.

By March 2016, Twitter had more than 310 million monthly active users.