Twitter Eliminates Top Executive Position

In an 8-K filed Friday morning, Twitter TWTR announced the resignation of COO Ali Rowghani. Strangely, Rowghani will still be employed by the company and advise CEO Dick Costolo; Twitter does not plan to hire a new COO, “and all of Mr. Rowghani's operating responsibilities will be assumed by other members of the Twitter management team.”

Shares of Twitter initially fell 1.87 percent on the news, but have since slightly rebounded to a 0.84 percent drop.