Millennial Media cofounder Paul Palmieri leaves company - Technical.ly Baltimore

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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.

(Photo by Andrew Zaleski)

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 theĀ Baltimore Sun, former Yahoo chief revenue officer Michael Barrett has replaced him. Barrett told theĀ 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.

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