Twitter COO quits as company falters

New York — Twitter's chief operating officer is leaving the company, the latest high-profile departure from the troubled communication service.

San Francisco-based Twitter said Wednesday that Adam Bain is stepping down and will be replaced by Chief Financial Officer Anthony Noto. It says it will now look for a new CFO.

Bain joined Twitter in 2010 and had been in charge of its business operations and worldwide moneymaking efforts.

His departure appeared to rattle investors, many of whom have wanted — but failed — to see the company sold. Twitter's stock is down nearly 3% after hours.

Twitter has failed to keep pace with rivals Facebook, Snapchat and Instagram. Last month, it announced it was cutting 9% of its workforce and killing its popular, if money-losing, video-sharing app Vine.

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