Millennial Media (MM) chairman/CEO Paul Palmieri is stepping down to join a VC firm. He's being replaced as CEO by Michael Barrett, who in the past has served as Yahoo's sales chief (left following Marissa Mayer's hiring) and as the CEO of ad tech platform AdMeld (acquired by Google in 2011). Barrett is also joining Millennial's board.
Separately, Millennial announces it expects to report Q4 revenue of $106M-$109M and adjusted EBITDA of $5M-$6M, above prior guidance of $95M-$100M and breakeven to $2M. GAAP revenue is expected to be in a range of $93M-$96M, above an $89M consensus.
Millennial suggests the addition of Jumptap's ad-selling capabilities fueled its Q4 performance, and says its integration with the former rival is ahead of schedule.
Millennial, which has lost mobile display ad share in recent quarters to Google and Facebook, will post its full Q4 results and provide Q1 guidance on Feb. 19.
MM +12.1% premarket.