Chelsea Clinton, daughter of Bill and Hillary, is 31 years old and just landed a $300,000-a-year job on Wall Street, to be on the board of directors of Hollywood mogul Barry Diller's IAC (InterActive Corp), an internet company with over 50 brands across 40 countries headquartered in New York City.
Georg Szalai reports for The Hollywood Reporter, Oct 5, 2011, the IAC says Chelsea's "skills and background complement the existing areas of expertise of other board members," but her appointment is "seen by some as a celebrity appointment."
Clinton will be paid about $300,000 a year in cash and incentive stock awards.
Steven Davidoff, a commentator for the New York Times' DealBook, wrote:
""Ms. Clinton has this position only because she is the daughter of former President Bill Clinton and Hillary Rodham Clinton, the current secretary of state. This is clearly an appointment made because of who she is, not what she has done, one that defies American conceptions of meritocracy. The real question is whether Ms. Clinton can act independently and provide value to the IAC board. While there are many doubts on that score - and while Ms. Clinton clearly did not earn this position - she can still demonstrate that she is up to the task."
Davidoff also highlighted that IAC's board is full of Diller friends, including former Walt Disney boss Michael Eisner, Warner Music chairman Edgar Bronfman Jr. and Diller's stepson. In fact, the corporate governance research firm GovernanceMetrics International has cited governance concerns about IAC's board.
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You'll be delighted to know that Chelsea's new boss, Barry Diller, is also the media executive responsible for the creation of Fox Broadcasting Company and USA Broadcasting.
America's bipartisan ruling class is such a cozy bunch!
~Eowyn
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