Social Media

Twitter says Adam Bain is leaving, appoints Anthony Noto as COO; Stock drops after hours

Twitter COO Adam Bain to leave

Twitter said Wednesday that its Chief Operating Officer Adam Bain is leaving the company to pursue new opportunities.

The stock fell more than 3 percent in extended trading.

The social media company also announced that its CFO Anthony Noto will succeed Bain, who will assist with the transition process.

"Since joining Twitter in 2010, Adam has built an amazing team and a global business from the ground up," said CEO Jack Dorsey. "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!"

Bain tweeted that he was proud of what he has accomplished with his team in his six years at the company and that he has "nothing but love for this unbelievable company & product."

@adambain: .@anthonynoto @dickc @ev @biz @jack Lastly, for the team... As has been my call for the entire 6 years: Go make history! It has been an honor to learn alongside all of you.

Noto said in a statement that he is "honored by the trust that Jack has placed in" him by naming him COO.

@anthonynoto: Can't tell you how much I will miss U my friend. Couldn't imagine that last 3 yrs w/out U. U have had a tremendous impact on Twitter TY