Twitter's chief operating officer Adam Bain has announced his departure from the company. He had been with Twitter for over six years. Bain was appointed the COO of the microblogging company in October. He is credited with developing Twitter's advertising business.

Bain tweeted about his departure and stated that he is ready to "do something new outside the company." However, he did not elaborate on his plans after leaving Twitter's COO position. He also did not state the reasons behind his decision to leave the company.

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Twitter announced that its finance chief Anthony Noto would assume the title of COO. He would also continue to hold his current position until the company finds a suitable replacement for its CFO position. It is not clear whether any other managerial personnel has been shuffled in the aftermath of Bain's departure.

"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!​​" Twitter CEO Jack Dorsey said.

Bain's move is not entirely surprising as the company continues to struggle with falling revenue. Twitter is said to be actively seeking buyers. The company also recently announced that it would be cutting nine percent of its workforce, amounting to nearly 350 jobs. Many of these cuts are likely to be in the sales and marketing divisions which were under the management of Bain.

Twitter's new COO Noto joined the firm two years ago. He had been in charge of various important projects including the management of the company's live streaming video plans.