For the second time in less than a year, offer-based ad company for social games Offerpal has replaced its CEO, this time appointing Mihir Shah as its president and chief executive.
The company's co-founder and original CEO Anu Shukla left last November amid controversy over alleged scam-like advertisements, which charged consumers' credit cards and mobile accounts when they participated in supposed free offers for virtual currency in social games.
Former Mochi Media CEO George Garrick eventually took over from Shukla, but just 10 months later, he's now stepping down to make way for Shah. Garrick will remain with Offerpal as executive chairman of the company's board of directors.
The move comes two months after Offerpal announced plans to
cut an unspecified number of its staff, citing its loss of a critical deal with Facebook for its universal virtual currency system
Facebook Credits to rival alternative payments firm TrialPay.
Shah joined Offerpal as chief revenue officer in December 2009, overseeing the company's commercial activities, including revenue growth and user acquisition. He previously worked as VP of ad networks for RockYou, a social games and apps developer (
Zoo World, Birthday Cards).
"The social and mobile gaming spaces are in a transitional and converging period right now, and we have some exciting ideas for using our extensive footprint and expertise to help game developers, social platforms and online advertisers navigate the changing environment," says Shah.
He adds, "I look forward to working with the entire Offerpal and [its mobile app monetization subsidiary] Tapjoy teams as we continue to find innovative ways to meet our customers' evolving needs."
