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Twitter shares slump as COO steps down

Thursday, November 10, 2016 8:49
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(Before It's News)

Social media giant Twitter (NYSE:TWTR) has undergone one of the biggest shake-up of its leadership ever after its chief operating officer announced he was stepping down.

The news sent shares tumbling by 5% on Thursday morning.

Adam Bain informed the San Francisco-based firm that he was leaving to pursue something “totally different and new”, most likely outside the advertising industry insiders have said.

 

Current chief financial officer and former Goldman Sachs banker Anthony Noto will step into the vacant position with Twitter seeking a new CFO to replace him.

Bain has been with Twitter since 2010 and is largely credited as being the key player behind the company’s revenue growth in recent years.

Despite the increased revenue growth, Twitter has still found it hard to turn a profit. Indeed, it hasn’t managed to do so yet.

The firm hopes to be profitable in 2017, although it cut growth forecasts earlier this year as its user base hasn’t expanded as quickly as it had hoped.

Shares were down 5% to US$18.23 on Thursday morning.

Story by ProactiveInvestors

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