Baltimore-based mobile ad firm Millennial Media announced that company founder and CEO Paul Palmieri has resigned. Palmieri will join New Enterprise Associates (NEA) as venture advisor focused on technology out of its Chevy Chase office. To replace Palmieri, Millennial Media announced the appointment of Michael Barrett as CEO and member of its board of directors. Barrett was most recently chief revenue officer at Yahoo!. Prior to Yahoo!, he was the CEO of AdMeld, a programmatic supply-side platform acquired by Google in 2011.

Barrett has had a long career in advertising and media, having served as chief revenue officer at AOL and Fox Interactive Media among other leadership roles.

“Some time ago, I expressed my desire to the board to transition out of the company, and return to working with early stage entrepreneurs,” said Palmieri. “The board and I worked collaboratively as it sought to identify a strong CEO for the next phase of the company’s growth. 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.”