Millennials Palmieri Steps Down From CEO Position

MillennialPaul Palmieri is stepping down from his position as CEO and chairman at mobile ad firm Millennial Media, which he co-founded in 2006.

Palmieri cited a desire to work with early-stage entrepreneurs as his reason for the move.

Taking his place as CEO will be Michael Barrett, previously chief revenue officer at Yahoo.

“The board and I worked collaboratively as it sought to identify a strong CEO for the next phase of the company’s growth,” said Palmieri. “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.”

The news follows Millennials preliminary Q4 results, projecting revenues of $93-96m. Its worth noting that this figure only includes revenues from the recently-acquired Jumptap after 6 November – taking into accounting its revenues over the whole quarter, the combined figure stands at $106-109m.