Twitter announced on Wednesday (9 November) that chief operating officer (COO) Adam Bain was leaving the company to pursue other opportunities after serving for six years.

Chief financial officer Anthony Noto has been named as the new COO. Noto was appointed as the CFO in July 2014. In his new role, Noto will manage the live content business along with Twitter's revenue generating segments such as advertising sales, data, revenue product, MoPub, and the company's partnerships and business development.

"It has been a privilege and honor to work alongside Jack and the entire Twitter team to help build one of the world's most unique and powerful platforms that exists today," Bain said in a statement.

"The past six years have been incredible and I'm inspired by what Twitter has become and what it will be in the future. Anthony and I have worked side by side since he joined Twitter in July 2014 and I have full faith in what he and the teams will accomplish in the future," he added.

The teams responsible for the above mentioned business including Matt Derella, the company's vice president of Global Revenue and Operations, will report to Noto.

The company is also looking for a replacement for the CFO, who will continue in his role, until a suitable candidate is finalised.

"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."

Twitter's announcement comes after recent reports suggested that the social media giant was planning to axe up to 300 jobs that might affect 8% of its workforce.

Bain revealed the news of his departure via a series of tweets.