Apple continues to use its handsome cash reserves to lure in top industry talent - talent capable of making those cash reserves even bigger over the long haul.
AdAge confirmed Tuesday that Apple's iTunes Radio has "poached a top radio ad exec" in hopes of offer the young service widely to advertisers next year.
So who's the new guy? Michael Pallad, a former Cumulus Media executive in sales. He is now overseeing ad sales for iTunes Radio on a global basis. We're told Pallad will report to former Yahoo exec Todd Teresi, who now heads up 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.