Ad offer network Offerpal has named Mihir Shah as its new CEO. Former CEO George Garrick will now serve as Offerpal's Executive Chairman. Garrick himself replaced Offerpal's founding CEO, Anu Shukla, in October 2009. Shukla later departed the company. Garrick spent his tenure as Offerpal's CEO trying to repair the company's reputation, which was damaged by an expose (called ScamVille) that pointed out misleading and fraudulent ad offers running on Offerpal's network.
"I am honored to lead Offerpal during this exciting time," said Shah, in a press statement. "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. I look forward to working with the entire Offerpal and Tapjoy teams as we continue to find innovative ways to meet our customers' evolving needs."
Offerpal grew rapidly as social gaming took off on Facebook last year, but that growth tapered off in the wake of ScamVille. Offerpal moved to restructure, setting new quality standards for its offers and taking initiative in removing misleading ad offers from its inventory. Shah, a former Vice President at social game publisher RockYou, came to Offeral as Chief Revenue Office in December, during the restructuring period.
Shah oversaw Offerpal's expansion into forms of virtual currency monetization beyond ad offers like shopping, tasks, display ads, direct payments, and GamePoints.com. He also oversaw Offerpal's acquisition of Tapjoy. Although the company streamlined itself during this period, July saw Offerpal lay off more employees. Facebook ultimately selected competitors TrialPay and Peanut Labs as the ad offer partners for its Facebook Credits virtual currency, a move that shrank Offerpal's footprint in the Facebook social games ecosystem substantially.
Shah takes credit for growing RockYou's revenues by 500% and quadrupling gross margin during his tenure with the company. Offerpal is probably hoping Shah can duplicate that stunning performance as the company begins to move beyond Facebook. Offerpal's most recent major product launch is SocialKast, a notification system designed to help social game developers send notifications to players through networks like Yahoo and Google.
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