Adobe Exec to be Apple iAd’s New Chief

Apple has reportedly hired an Adobe executive to head its mobile advertising business, a new report claims.

Citing people with the knowledge of the hiring, Bloomberg reports that Apple has appointed Adobe executive Todd Teresi to head its iAd mobile advertising business, which places interactive adverts on iOS devices like the iPad and iPhone.

The sources told Bloomberg that Teresi has already joined Apple as the vice president of iAd. Before joining Apple, Teresi was the head of software maker Adobe's media solutions division. Teresi, sources have told, will be reporting to Apple vice president Eddy Cue, who also manages the iTunes and App Store division.

Apple had launched the iAd mobile advertising business after the acquisition of Quattro Wireless for $275 million. The company wanted the ads to be as interactive as an iOS and charged advertisers a minimum of $1 million to put ads on iAd. However, many early customers complained that Apple has imposed stringent rules and that the platform only allowed them to place ads on iOS devices.

The company has lowered the prices since then and is working towards putting the service back on the map even as Google establishes its dominance over the mobile ads market.