Facebook’s negotiations to acquire Instagram, the popular online photo-sharing site, took place in a whirlwind over Easter weekend, Instagram CEO and cofounder Kevin Systrom said at a hearing held today in San Francisco.At one point, a lawyer for California’s Department of Corporations, which held the hearing to evaluate whether the deal was fair to shareholders, asked Systrom if Instagram’s board of directors had received any other formal offers to buy Instagram before the Facebook talks.
Systrom’s reply fascinated us: “I am the board, and I have not received any.”
We checked our notes, and we’re sure that’s what Systrom said, verbatim.
But we’re also pretty sure Systrom meant he was a member of Instagram’s board of directors, not the only one.
Another person present at the hearing suggests Systrom said something like “I and … the board and I have not received any.”
Either way, we wanted to know: Who’s on the board with Systrom? Instagram does not appear to list its board of directors on its website, so this is a matter of some curiosity.
Benchmark Capital’s Matt Cohler definitely is on Instagram’s board—that was announced when Benchmark invested in Instagram last year. He’s the only board member listed in Businessweek’s company profile of Instagram.
Greylock partner John Lilly is an investor, but he doesn’t appear to have a board seat, based on his online bio. Steve Anderson of Baseline Ventures merely describes himself as “associated” with Instagram. Sequoia Capital’s Roelof Botha is a board observer.
According to VCExperts.com, Instagram’s articles of incorporation call for the board to have five members, though it may have fewer depending on the number of shares outstanding in various classes of stock.
We asked a Facebook PR rep for more information on Instagram’s board and we’ll update if we hear more.
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