|[January 27, 2014]
Following a strong Q4, Paul Palmieri Steps Down as Millennial Media's Chairman and CEO
BALTIMORE --(Business Wire)--
Millennial Media (NYSE: MM) announced today that company founder and CEO
Paul Palmieri (News - Alert) has resigned from his post as CEO and from its board of
directors effective immediately. Mr. Palmieri will join New Enterprise
Associates (NEA) as Venture Advisor focused on technology out of its
Chevy Chase, 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," said
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
To replace Palmieri, Millennial Media (News - Alert) announced today the appointment of
Michael Barrett as CEO and member of its board of directors. Mr. Barrett
was most recently Chief Revenue Officer at Yahoo!. Prior to Yahoo!, he
was the CEO of AdMeld, a programmatic supply side platform acquired by
Google in 2011. Mr. Barrett has had a long career in advertising and
media, having served as Chief Revenue Officer at AOL (News - Alert) and Fox Interactive
Media among other executive leadership roles.
"Paul Palmieri has demonstrated masterful entrepreneurship in taking
Millennial from a concept, through competition, growth, scale, and
transition to a fast growing public company and leader in its industry,"
said Patrick Kerins, General Partner, NEA and the company's lead
independent director. "Paul's vision has consistently been out in front
of industry shifts, and his strategic execution has positioned the
company at the center of the mobile-led, cross screen and programmatic
future of digital advertising."
"Michael Barrett is an exceptional leader who has shown incredible skill
in leading companies and teams to big success in the digital advertising
industry," said Wenda Millard, President of Medialink and member of
Millennial Media's board of directors. "Millennial Media is well
positioned, and there i no executive better suited to lead Millennial
Media's next phase of growth. With Michael's diverse expertise in
scaling advertising businesses in both the brand and programmatic
spaces, he will be instrumental in taking the company to the next level."
"I am honored and thrilled to join Millennial Media at such an exciting
time at the company, and within the industry," said Michael Barrett.
"The mobile market is on a steep growth trajectory and I look forward to
building on the leadership position Paul and the team have created to
bring Millennial to new heights. I have long admired the company's
ability to deliver superior monetization to its publishers and developer
partners and powerful ad solutions to its brand and performance
advertisers. This was simply an irresistible career opportunity for me
Earlier today, Millennial Media issued preliminary Q4 financial results
and announced the date for its Fourth Quarter earnings call.
About Millennial Media
Millennial Media is the leading independent mobile advertising platform.
The Company's unique data asset and full technology stack enable its
demand and supply-side clients to garner meaningful results to drive
their business. Based on its mobile-first approach to data, technology,
and audience targeting, Millennial Media is leading the market by
connecting consumers with relevant messages across screens. For
advertisers looking to reach and engage with consumers in powerful ways,
Millennial Media offers a broad array of solutions, delivered through
brand, performance, and programmatic approaches. For developers and
publishers, the Company offers a comprehensive set of managed and
automated services to maximize revenue.
The statements in this press release that are not historical facts
constitute "forward-looking statements" that involve risks and
uncertainties and are made pursuant to the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
expectations regarding market growth and the Company's outlook for the
future. The achievement or success of the matters covered by such
forward-looking statements involve risks, uncertainties and assumptions,
and if any such risks or uncertainties materialize or if any of the
assumptions prove incorrect, our results could differ materially from
the results expressed or implied by the forward-looking statements we
make. These risks and uncertainties include, but are not limited to,
risks associated with our ability to continue to accelerate growth and
provide enhanced gross margin performance; our ability to expand our
developer and advertiser base and increase demand for our services; our
ability to keep pace with technological and market developments and
remain competitive against larger companies in our industry as well as
potential new entrants into our markets; and our recent acquisition of
Jumptap, including our ability to integrate the two businesses and
realize the expected benefits from the acquisition. Further information
on these and other factors that could affect our results is included in
our Quarterly Report on Form 10-Q for the quarter ended September 30,
2013, filed with the Securities and Exchange Commission (the "SEC (News - Alert)")
on November 14, 2013 and other filings we make with the SEC from time to
time. These documents are available on the 'SEC Filings' section of the
Investor Relations page of our website at http://investors.millennialmedia.com.
The statements made in this release are based on information available
to us as of the date of this release, and we assume no obligation and do
not intend to update these forward-looking statements, except as
required by law.
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