Technical.ly Baltimore

Join us for Baltimore Innovation Week, Sept. 12 - 20, 2014

Business

Jan. 28, 2014 7:15 am

Millennial Media cofounder Paul Palmieri leaves company

Palmieri left for a job as venture advisor with New Enterprise Associates, a venture capital firm with offices in Chevy Chase, Md., where he'll be working from.

Millennial Media cofounder Paul Palmieri at an Exec TechBreakfast in April 2013.

Paul Palmieri cofounded global mobile advertising company Millennial Media seven years ago. As of Monday, he’s no longer CEO of the company.

Palmieri left for a job as venture adviser with New Enterprise Associates, a venture capital firm with offices in Chevy Chase, Md., where he’ll be working from.

According to the Baltimore Sun, former Yahoo chief revenue officer Michael Barrett has replaced him. Barrett told the Baltimore Business Journal that he’s not interested in selling Millennial Media to a bigger player, following a lagging share price.

In a statement Palmieri said he “expressed [his] desire to the board to transition out of the company, and return to working with early stage entrepreneurs” a while ago. His departure comes nearly two years after Millennial Media’s IPO in spring 2012 — a move that has resulted in more than a few quarters of improved revenues against million-dollar losses — and several weeks after the company signed a new, 10-year lease and doubled the size of its world headquarters at the Can Company in Canton.

-30-
Andrew Zaleski

Andrew Zaleski is a freelance journalist in Philadelphia and the former lead reporter for Technical.ly Baltimore. Before moving to Philadelphia in June 2014, he was a contributing writer to Baltimore City Paper and a Tech Check commentator for WYPR 88.1 FM, Baltimore city’s National Public Radio affiliate. He has written for The Atlantic, Outside, Richmond magazine, Washington City Paper, Baltimore magazine, Baltimore Style magazine, Next City, Grist.org, The Atlantic Cities, and elsewhere.

Profile   /   @ajzaleski   /   Send an email
Advertisement