Twitter's Adam Bain

Twitter COO Adam Bain is stepping down and being replaced by CFO Anthony Noto

Twitter chief operating officer Adam Bain is stepping down in the latest shake-up at the troubled internet company.

Twitter CFO Anthony Noto will replace Bain, who Twitter said is leaving to "explore opportunities outside the company."

The departure of Bain, who was once on the shortlist to be Twitter’s CEO, leaves Twitter without one of the online ad industry’s most respected execs at a time when the company is facing mounting pressure to increase its revenue.

And the move elevates Noto to the most powerful figure inside the company after Jack Dorsey, whose time is divided between CEO jobs leading Twitter and online payments company Square.

Noto will relinquish his duties overseeing Twitter's finances and will take over all of the company's revenue-generating products and business partnerships. Twitter is looking for a new CFO to replace Noto, the company said,

Shares of Twitter, which announced plans to cut hundreds of jobs last month, slid as much as 4% in after hours...Read more...

Source: businessinsider.com