Mobile advertising network Millennial Media has set its sights on some industry veterans for their newly-created management positions. The company has designated Matt Gillis and Eric Hastings as Senior Vice President of Business Development and Senior Vice President of Engineering respectively, which are two very critical areas in growth and development for Millennial Media.

“Matt Gillis and Eric Hastings bring incredible industry knowledge and expertise into Millennial Media,” said Michael Avon, executive vice president and CFO, Millennial Media. “Millennial Media’s executive team is second to none in the industry, and we will continue to aggressively grow key areas of the company in the coming months.”

Matt Gillis will manage the company’s strategic partnerships. With 15 years of experience in wireless software and content, he is an expert in the mobile industry handling analytical decisions of affiliation and relationships between publishers and developers. His freshest dealing is the acquisition of boutique mobile games publisher, Cosmic Infinity by Japanese mobile video game giant Capcom. He elevated CapCom Mobile to Top Five of mobile publishers serving as Executive Vice President of Publishing after the acquisition bringing games like Street Fighter”, “Resident Evil”, and “Who Wants To Be a Millionaire” across all mobile phones.

Eric Hastings, with 11 years of experience in advertising technology, and over 18 years in designing, building, and operating complex, highly-scalable information systems, will lead the development and operation of the company’s technology systems. Hastings has held positions with Ciena and Booz Allen & Hamilton, and has acted as a former consultant for T. Rowe Price, Micros, and Safenet. He also worked with Advertising.com, and helped forge the acquisition deal by AOL. Hastings was designated as Vice President of Engineering for AOL advertising prior to the acquisition.

In addition to the new executive roles, Millennial Media also plans to hire nearly two dozen more employees. The company is at top of the food chain, since mobile networks Quattro and AdMob were already acquired by Apple and Google, and the new additions make Millennial even more of an acquisition target. RIM was in the running, but the two couldn’t seem to agree on a price for the mobile ad network. For now, Millennial Media CEO Paul Palmieri would prefer for the company to stay independent anyway.

Also, Millennial Media is currently working with Microsoft‘s Mobile Advertising SDK for Windows Phone 7 and Microsoft Advertising Exchange for Mobile, looking towards marketing innovations around its mobile platforms.