Twitter Eliminates Top Executive Position

In an 8-K filed Thursday morning, Twitter (NYSE: TWTR) announced the resignation of COO Ali Rowghani.

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.”

Interestingly, Rowghani sent some farewell regards in a tweet.

Goodbye Twitter. It's been an amazing ride, and I will cherish the memories.

— Ali Rowghani (@ROWGHANI) June 12, 2014

Shares of Twitter initially fell 1.87 percent on the news, but have since rebounded to a 4.25 percent gain.