• November 5, 2009

Virtual currency startup Offerpal Media has named Internet industry veteran George Garrick as CEO, replacing founder Anu Shukla. She will continue to play an advisory role with the company.

Garrick is best known as the former CEO of direct marketing ad network Flycast Communications, which was sold to CMGI in 2000 for $2.3 billion. More recently, he has served as CEO of Wine.com, Jingle Networks and Mochi Media, which operates an ad network for online games.

Founded in 2007, Offerpal is one of an emerging group of companies that help developers monetize applications on social networks like Facebook and Bebo via in-game offers from marketers such as Netflix and eBay. By taking a brief survey or signing up for a trial, users can earn virtual currency for game play and publishers take their cut for lead-generation.

Offerpal earlier this year raised $15 million in a venture financing round led by D.E. Shaw Ventures. It had previously raised $4.6 million from the same group of investors including InterWest Partners and North Bridge Venture Partners. --Mark Walsh