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Millennial Media founder and CEO Paul Palmieri resigns and former Yahoo CRO Michael Barrett takes helm

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By Jessica Davies, News Editor

January 27, 2014 | 2 min read

Millennial Media’s founder and CEO Paul Palmieri has resigned from the mobile advertising company, and given up his position on the board of directors, effective immediately.

He has been replaced by former Yahoo chief revenue officer Michael Barrett who has taken the helm as CEO and on the board of directors.

Palmieri will join New Enterprise Associates as a venture advisor focused on technology and working with start-ups, and will be based out of its Maryland office.

“Some time ago, I expressed my desire to the board to transition out of the company, and return to working with early stage entrepreneurs.

“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,” said Palmieri.

Barrett was chief revenue officer at Yahoo in 2012, and prior to that was CEO of Admeld – the programmatic supply-side platform acquired by Google in 2011. After its acquisition he became a director at Google for seven months before taking the role at Yahoo.

Before Admeld Barrett was chief revenue officer at AOL and Fox Interactive Media.

The news of Palmeri's departure comes as the company revealed strong preliminary fourth quarter financial results, bolstered by its acquisition of Jumptap last November.

The results revealed combined revenue of Millennial Media and Jumptap is expected to be between $106 million and $109 million in the fourth quarter of 2013 - up from the previous expectation of $95 million to $100 million.

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