Apple is directing more of its massive cash reserves to attract top industry talent – talent that may help Apple build even further upon the cash reserves already amassed.
AdAge was first to report that Apple’s iTunes Radio has “poached a top radio ad exec.” The move comes as Apple is actively gearing up for a global ad expansion for iTunes Radio next year.
The new hire is Michael Pallad, a former Cumulus Media executive in sales. He is now in charge of ad sales for iTunes Radio, reporting to former Yahoo exec Todd Teresi, who is in charge of the iAd organization.
Mr. Pallad’s appointment suggests that Apple plans to make a stronger play at the $1.56 billion U.S. digital radio advertising market, as estimated by eMarketer. One media buyer said the executive should gain traction quickly among agencies.
Pallad officially started working at Apple on December 2nd.