Adam Bain's Departure Is A Loss For Twitter

Twitter Inc TWTR announced on November 9 that its chief operations officer, Adam Bain, would be leaving the company.

Loop Capital’s Blake Harper maintains a Hold rating on the company, with a price target of $16.

Harper mentioned that Bain “is well regarded in the firm and in the tech and advertising industries and his departure is a loss for Twitter.”

COO To Leave

Twitter also announced that its chief financial officer, Anthony Noto, would take over the role of COO, including the responsibilities for global advertising sales, data, revenue product and MoPub, along with global partnerships and business development.

According to the Loop Capital report, “Mr. Noto will continue to manage the live content business and will continue in his role as CFO until a successor is found.”

The company did not cite any specific reason for the departure of Bain, although Bain did mention that he wished to do something “totally different and new outside the company”.

Searching For Talent

Twitter is also looking for a full time CFO to take over from Mr. Noto, along with a head of product.

“The latter role is more problematic as Twitter has had four people in that role since early 2014 and it has remained vacant since June 2016,” Harper stated.

However, the analyst believes recruiting top executives could be challenging for Twitter, given the difficulties it has had as a publicly traded company.

At last check, Twitter was down 4.55 percent at $18.26.