Apple taps new head of iAd

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Apple hired Todd Teresi to head its iAd business, according to reports.

Teresi began serving as VP of iAd at Apple on Jan. 3 and reports to Apple's SVP of Internet software and services Eddy Cue, according to GigaOM.

Teresi had served as VP of media solutions at Adobe, according to Bloomberg, which first reported news of the hire on Jan. 4.

Apple did not immediately respond to request for comment.

Apple has reportedly reduced the price of an iAd campaign multiple times since launching the product in July 2010 at a $1 million price point. AllThingsD reported in February that Apple had halved the price, and in December The Wall Street Journal reported that Apple had discussed a $400,000 price point with advertisers.

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