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Apple hires Adobe officer to lead iAd: report

(Reuters) - Apple Inc has appointed Adobe Systems Inc's Todd Teresi to head its iAd mobile-advertising business, Bloomberg said, citing three people with knowledge of the matter.

Teresi, the former vice president of Adobe's media solutions group, was brought in to lead Apple's mobile advertising platform, that has lagged companies like Google in the mobile ad business as it only works on Apple devices and costs more, the report said.

iAd, introduced in July 2010, was Apple's answer to Google's AdMob advertising service. It allows third-party developers to directly embed advertisements into their applications and gives them a cut in advertising revenue.

Teresi, who only joined Adobe last year worked at Yahoo Inc for almost a decade. He is already on-board at Apple as the vice president of iAd, Bloomberg reported.

Apple was unavailable for comment but an Adobe spokesperson confirmed that Teresi was no longer with the company.

(Reporting by Eileen Anupa Soreng in Bangalore; Editing by Bernard Orr)