Longtime Twitter COO Adam Bain is leaving the company, Twitter announced Wednesday after the close of the markets. Bain will be replaced by current CFO Anthony Noto, who has been named COO effective immediately.
The company is now looking for a new CFO, and Noto will fill both jobs until that position is filled.
Bain said in a series of tweets Wednesday that he was “ready to change gears and do something new outside the company” after working for Twitter for six years.
“I came here to help build out the business, but more importantly build a team. My team is the best legacy anyone can leave,” Bain said. “We took the company from $0 to Billions faster than almost anyone’s ever done it. We diversified the business, took it global.”
“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,” said Twitter CEO Jack Dorsey in a statement.
Bain’s departure comes after Twitter’s recent attempts to sell itself to a bigger partner failed. The company was courted by a variety of suitors including Salesforce, Disney and Google earlier this fall. However, bidders dropped out of these talks one after another.
Twitter subsequently announced that it was going to strengthen its focus on some core initiatives, and lay off nine percent of it workforce. Soon after, it revealed that it was going to shutter its six-second video sharing service Vine in the coming months.
Twitter’s stock was down close to 3 percent in after-hours trading after the news hit. This came after strong gains earlier in the day, with Twitter bucking the trend of most tech companies in the aftermath of the election of Donald Trump as the next President of the United States.