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Microsoft executive Joanne Bradford, who has been a key player in the company's MSN and online advertising units, is leaving to join Spot Runner Inc., according to a news release issued this morning by the Los Angeles-based advertising technology company: PDF, 2 pages.

Bradford, a Microsoft corporate vice president, was most recently the company's chief media officer, overseeing the MSN Media Network. Prior to that, she ran the company's online advertising initiatives.

Among other roles, Bradford was always a central figure in the company's Strategic Account Summit, the annual event where Microsoft woos online advertisers. At the summit last year, Bradford interviewed Yahoo's then-CEO, Terry Semel. At the time, the two didn't publicly address what were then only rumors of a Yahoo acquisition bid by Microsoft.

I've contacted a Microsoft representative to find out more about the reasons for Bradford's departure, and the company's plans for a replacement. I'll update this post depending on the response.

Update, 11 a.m.: Greg Nelson, a 12-year Microsoft veteran, will lead the MSN team on an interim basis, Microsoft spokesman Lou Gellos says in an e-mail. Nelson was previously general manager of MSN.com International, reporting to Bradford, according to the organizational chart maintained by independent research firm Directions on Microsoft.

Bradford's departure follows the news last month that Steve Berkowitz, the head of Microsoft's Online Services Group, will be leaving later this year. Bradford reported to Berkowitz.