Former Yahoo! chief revenue officer Michael Barrett is named CEO of Millennial Media, Inc. (MM)
Millennial Media, Inc. (NYSE:MM) has named former Yahoo! chief revenue officer Michael Barrett as the CEO. Barrett was brought into Yahoo! in June 2012 and was on his way out by October of that year. Barrett left after Yahoo! named Henrique de Castro as COO. Yahoo! CEO Marissa Mayer fired Henrique de Castro earlier this month.
Barrett is replacing Paul Palmieri. Palmieri is joining New Enterprise Associates as a venture advisor. Palmieri was the chief of the company during Millennial Media’s IPO. Millennial is a large mobile ad that helps brands connect to consumers and helps developers maximize revenues.
“Some time ago, I expressed my desire to the board to transition out of the company, and return to working with early stage entrepreneurs,” stated Palmieri. “The board and I worked collaboratively as it sought to identify a strong CEO for the next phase of the company’s growth. I’m excited about the company’s future, and confident of the team’s ability to continue executing on our vision to transform advertising through mobile.”