SEC Watch: Chelsea Clinton Joins IAC Board

Chelsea Clinton — yes, that Chelsea Clinton — and Sonali De Rycker, a partner at Accel Partners in London, are joining the board of Barry Diller’s IAC (NSDQ: IACI).

The two were elected to the board last week; the company filed with the SEC Monday afternoon.

Clinton, 31, has McKinsey & Co., and Avenue Capital on her resume but currently is working towards an Oxford degree, for New York University and for the Clinton Foundation and Clinton Global Initiative; she’s on the board of the foundation.
De Rycker focuses on consumer internet and digital media investment, both of which are squarely in IAC’s wheelhouse.

No one is leaving the board, so Clinton and De Rycker push the total to 14. They’re also the only women — and the first women on the IAC board since Diller’s wife Diane von Furstenberg left in 2008. Her son Alexander von Furstenberg in on the b9oard, along with former Dow Jones (NSDQ: NWS) CEO Rich Zannino, Michael Eisner, Edgar Bronfman, Jr. and CEO Gregg Blatt.

Speaking of Dow Jones, this is nothing like Rupert Murdoch’s choice of opera singer Natalie Bancroft as the family rep who got the seat on the News Corp board as part of the sale. While Clinton’s connections run deeper than her experience, she has been in the financial world and speaks the language.

She’s also, of course, the only child of former U.S. President Bill Clinton and current Secretary of State Hillary Rodham Clinton. Diller’s ties to the Clintons are strong; Chelsea Clinton stood by her mother’s side when the former first lady was honored by the Diller-von Fursternberg Foundation earlier this year.

Clinton and De Ryker each will get an annual $50,000 retainer for being on the board plus an initial grant of stock options that vest over three years.

Update: Asked why these two were chosen, an IAC spokesperson:

‘Ms. Clinton is a keenly intelligent, insightful and inspirational young woman with experience in consulting and public policy, whose skills and background complement the existing areas of expertise of other board members.

Ms. De Rycker is a successful venture capitalist in the consumer internet companies and digital media sectors and her achievements and vast knowledge of this industry are valuable assets.’