Paul Palmieri, the CEO of Millennial Media, has confirmed that he is stepping down from the helm of the mobile advertising network he co-founded.
By Palmieri’s own admission, Yahoo’s former Chief Revenue Officer Michael Barrett will ascend to the big chair as Millennial Media’s new chief executive officer.
Palmieri, meanwhile, is on his way to becoming a venture advisor at NEA.
“This is an exciting and momentous day for Millennial Media,” Palmieri writes on his company’s blog. “There is never a perfect time for a transition of CEOs, but now is the right time. Coming off an impressive quarter, capped with the successful acquisition and integration of Jumptap, the momentum at the company could not be better. We have the best team and technology in the business, and are poised for continued success.”
Palmieri foresees big thing for Millennial Media, adding to his post that the company is on a clear “upward trajectory” for 2014 and beyond.