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Millennial Media's CEO Resigns with Immediate Effect

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Paul Palmieri, the founder and CEO of the mobile advertising agency, Millennial Media has resigned from the company, with immediate effect.

To replace Palmieri, Millennial Media announced today the appointment of Yahoo!'s (now former) head of revenue, Michael Barrett as CEO and member of its board of directors. Mr. Barrett has had a long career in advertising and media, having served as Chief Revenue Officer at AOL and Fox Interactive Media among other executive leadership roles.

Mr. Palmieri has left the firm to join New Enterprise Associates (NEA) as Venture Advisor focused on technology.

"Some time ago, I expressed my desire to the board to transition out of the company, and return to working with early stage entrepreneurs," said Palmieri in a statement confirming his resignation.

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Tags: millennial media