Millennial president and CEO Paul Palmieri is now a part of the Interactive Advertising Bureau’s board of directors. About 40 online marketing executives are sitting on IAB board, representing major media companies including Amazon, CBS and Disney. Millennial is the latest to have made it to the list, taking credit for a significant milestone for the mobile industry. The bureau has a total of over 500 members.

“Mobile has taken a prominent place in the digital media business, and it is essential that we align our focus with other digital media companies to drive the growth of this evolving space,” said Paul Palmieri, President and CEO, Millennial Media. “Millennial Media is known as a leader throughout the mobile advertising ecosystem, and as a member of the IAB Board, I look forward to helping mobile grow as a key focus area within the organization.”

The announcement comes a few weeks after Millennial has been named the second largest mobile ad network in the U.S. It has taken Apple’s spot, which previously matched Google’s 19 percent, knocking Apple down to only 15 percent, falling in behind Millennial and the search giant. This new ranking also reinforces the company’s position as the most profitable independent mobile advertiser out there, though that may not be the case for long. Talks of an IPO and even a few acquisition rumors have been circling the blogosphere for quite some time now, and there’s a likelihood official confirmation will arrive sometime this year.

Palmieri contributed a great deal to the company which he founded, as well as its current place in the industry. In November last year Millennial announced that it has put Robert Woolfrey in charge of expanding to the Asian market, where the accelerating mobile influx is creating more and more opportunities for app developers and marketers.