Chelsea Clinton Named to Board of IAC/InterActiveCorp.

By Ed Silverstein September 29, 2011

Chelsea Clinton is certainly well-known so it has been no surprise a lot of attention was paid to her joining the board of directors of IAC/InterActiveCorp.

The company is Barry Diller's Internet holding firm, according to The Associated Press. IAC owns, Citysearch, The Daily Beast and other websites. And it publishes Newsweek magazine.

In her spare time, Clinton is working on a doctoral degree, and is affiliated with two family organizations, the Clinton Foundation and the Clinton Global Initiative. She formerly worked for McKinsey & Co. and a hedge fund, Avenue Capital.

There was a lot of speculation why she was named to the board – beyond the reason that she is the daughter of an ex-President and current Secretary of State. For example, Mogulite reported that she is a “31-year-old student, with little experience in digital media and no experience in publicly traded companies aside from a postgrad stint at McKinsey. As much as we like Chelsea, it’s a weird choice.”

The story noted that she is seven years younger than any other board member. Other company directors include Michael Eisner, former head of Walt Disney Co., and Edgar Bronfman Jr., chairman of Warner Music Group, according to The Wall Street Journal.

Other boards she serves on are non-profits. These include: the Clinton Foundation, the School of American Ballet and Weill Cornell Medical College.

“Other board members all have some closer connection to IAC’s business of combining media and technology,” Mogulite said. “They come from big venture capital firms, the music business, Hollywood studios and agencies, and tech giants like Google.”

The Wall Street Journal reported being on the board is “a plum assignment” for Clinton. Diller supported Bill Clinton during his 1992 campaign for president, and supported the 2008 presidential campaign of Hillary Clinton, The Journal said.

The Journal adds that Chelsea Clinton will get “an annual retainer of $50,000. In addition, she will receive a $250,000 grant of IAC restricted stock.” 

Ed Silverstein is a TechZone360 contributor. To read more of his articles, please visit his columnist page.

Edited by Jennifer Russell

TechZone360 Contributor

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