This article originally appeared on Real Money on Nov. 7, 2016.
Over the past two years, Twitter (TWTR) has been synonymous with executive departures nearly as much as it has been with political arguments, sports video clips and poor revenue guidance. The latest departure is one of its biggest, and could say things about the company's ad performance and acquisition odds.
Adam Bain, Twitter's COO and a one-time CEO candidate, is stepping down. Anthony Noto, the former Goldman banker and NFL CFO who has been Twitter's finance chief since July 2014, will replace Bain, while also continuing to serve as CFO until a new one is named.
As COO, Noto will take over Twitter's "revenue generating organizations including global advertising sales, data, revenue product, and [mobile ad exchange] MoPub, as well as global partnerships and business development," while maintaining control of its burgeoning live content efforts.
The change makes Noto, whose authority at Twitter has gone beyond that of your standard CFO, the microblogging platform's clear second-in-command, behind CEO Jack Dorsey. And Dorsey, of course, still spends part of his time working as Square's (SQ) CEO.
Twitter shares fell in after-hours trading Wednesday and were down 2.9% to $18.58 in early trading Thursday.
Bain's departure follows a third-quarter earnings report in which Twitter (though beating estimates) reported its annual revenue growth fell to 8% from Q2's 20%, Q1's 36%, and Q4 2015's 48%, with ad sales growth dropping to a mere 6%.