The social networking site's recent struggles continues...
Twitter's chief operating officer has announced that he is set to leave the struggling tech company after a six-year stint that often saw him hailed as one of its biggest talents.
The news is yet another blow to the ailing social networking site, with shares falling 4.3% in after-hours trading.
Bain revealed his plans to the world, quite fittingly, in tweet form...
After 6 years and a once-in-a-lifetime run, I let Jack know that I am ready to change gears and do something new outside the company.— adam bain (@adambain) November 9, 2016
He went on to tweet : "I came here to help build out the business, but more importantly build a team. My team is the best legacy anyone can leave. We took the company from $0 to Billions faster than almost anyone’s ever done it. We diversified the business, took it global. We took an organization and scaled it in every way possible. Most importantly, we did it right--- in the right way --- in a way that makes us proud."
Twitter has said that Bain will remain at the company for a number of weeks "to assist with the transition of the chief operating officer role" and that he will be replaced by chief financial officer Anthony Noto. The search for a new CFO, in turn, is now on.
Bain joined Twitter in 2010 at a point when it was making no revenue and has been widely credited with building its advertising business to a point where it generated roughly $2.2bn in 2015 despite poor user growth.
He was appointed COO last October.
Twitter, which has been trying without success to find a company to acquire it of late, announced last month tthat it will have to cut 9% of its global workforce to cut costs.