Report: Apple poaches former Adobe exec to head iAd

Apple (NASDAQ:AAPL) has reportedly hired formed Adobe executive Todd Teresi as its new vice president of its iAd platform. According to Bloomberg, which cited unnamed sources, Teresi will serve under Apple SVP Eddy Cue, who was promoted in September, and will replace Andy Miller, who left Apple in August.

Apple declined to comment, according to Bloomberg.

Apple has repeatedly slashed its iAd prices during the past year, most recently in December. Apple once charged a minimum of $1 million per iAd campaign, and has decreased that number to as low as $400,000, according to the Wall Street Journal. 

With the addition of Teresi, Apple is likely angling to reclaim its share of the market lost to competitors Google (NASDAQ:GOOG) (24 percent) and independent mobile ad network Millennial Media (17 percent).

Before joining Adobe, Teresi worked at Yahoo for over a decade as well as Quantcast and PriceWaterHouseCoopers.

Apple's iAd platform covers advertising on the iPhone, iPod touch and iPad.

For more:
- see this Bloomberg article
- see this CNet article

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