Michael Avon of Canton-based global mobile ad company Millennial Media will be stepping down as CFO of the company in June.
He had been in that position since 2009, and shepherded Millennial Media through its initial public offering in 2012.
The news comes at the same time that Millennial Media’s shares dropped 40 percent. According to the Baltimore Sun:
Millennial lost $12.9 million on $72.6 million in sales in the three months ended March 31, compared with a $3.8 million loss on $49.4 million in sales in the same quarter of last year.
In January, Millennial Media cofounder Paul Palmieri left the company.