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