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.
Pallad has now been with Apple for just over a week. Since December 2nd, the new hire has been spending time acclimating to his new surroundings in Cupertino.

Source: AdAge