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Millennial Media CEO receives $9.5M compensation package

Millennial Media CEO receives $9.5M compensation package

Millennial Media CEO Michael Barrett earned a $9.5 million compensation package in his first year at the helm of the Baltimore mobile advertising company, more than twice what his predecessor received a year earlier.

Barrett received a salary of $467,000 and cash bonus of $360,000 in 2014, a year in which Millennial lost $149 million as it battled intense competition from Facebook, Apple and Google. He was also awarded $3.4 million in stock and $5.4 million in stock options, according to documents filed late Friday with the Securities and Exchange Commission.

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Barrett replaced company co-founder Paul Palmieri as CEO in January 2014. Palmieri, who departed for a position with local venture capital firm New Enterprise Associates, received a $4.6 million compensation package for 2013, including a $344,000 salary and $210,000 bonus.

Millennial Media builds and manages advertising networks on smartphones and tablets.

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