DraftKings CEO Robins Adds Chairman Role; Two New Directors Appointed

TL;DR

Robins is now CEO & Chairman of DraftKings, Kraft steps down as Chair but stays on board, two new directors join.

AI Summary

DraftKings Inc. announced on June 13, 2024, that its Board of Directors appointed Jason Robins as Chief Executive Officer and Chairman of the Board, effective June 9, 2024. This change follows the resignation of current CEO and Chairman, Robert J. Kraft, from his Chairman role, though he will remain on the Board. Additionally, the company announced the appointment of two new independent directors, Steven A. Miron and Timothy J. Leiweke, to its Board.

Why It Matters

This leadership transition consolidates power with the CEO and brings in new independent voices to the board, potentially influencing future strategic decisions and governance.

Risk Assessment

Risk Level: medium — Leadership changes and board composition shifts can introduce uncertainty regarding future strategy and execution.

Key Players & Entities

• DraftKings Inc. (company) — Registrant
• Jason Robins (person) — Appointed CEO and Chairman of the Board
• Robert J. Kraft (person) — Resigned as Chairman, remains on Board
• Steven A. Miron (person) — Appointed as independent director
• Timothy J. Leiweke (person) — Appointed as independent director
• June 9, 2024 (date) — Effective date of leadership change
• June 13, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share DKNG The Nasdaq Stock Mar
• $1,633,333 — k unit award with a grant date value of $1,633,333, which will vest over a four-year perio
• $3,266,667 — "PSUs") with a grant date fair value of $3,266,667 that will be eligible to vest (i) with

Filing Documents

• tm2416992d1_8k.htm (8-K) — 28KB
• 0001104659-24-071073.txt ( ) — 200KB
• dkng-20240609.xsd (EX-101.SCH) — 3KB
• dkng-20240609_lab.xml (EX-101.LAB) — 33KB
• dkng-20240609_pre.xml (EX-101.PRE) — 22KB
• tm2416992d1_8k_htm.xml (XML) — 4KB

02 Departure of Directors or Principal Officers;

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. Appointment of Chief Accounting Officer On June 9, 2024, the board of directors (the "Board") of DraftKings Inc. ("DraftKings" or the "Company") appointed Erik Bradbury as the Company's Chief Accounting Officer and principal accounting officer, effective on or about August 12, 2024. Effective as of Mr. Bradbury's appointment, Alan Ellingson, the Company's Chief Financial Officer and principal financial officer, will no longer serve as the Company's principal accounting officer. Mr. Bradbury, 46, has over 20 years of experience, most recently as the Senior Vice President, Controller & Chief Accounting Officer for IAC Inc. where he oversaw IAC's company-wide accounting and financial reporting from September 2023. Mr. Bradbury is returning to DraftKings after having served as the Company's Chief Accounting Officer from September 2020 until September 2023. Prior to this, Mr. Bradbury was a Partner with Ernst & Young LLP from July 2017 through September 2020, and Professional Accounting Fellow at Financial Executives International from July 2015 to July 2017 where he managed the activities of the prestigious Committee on Corporate Reporting, consisting of the top Fortune 100 Controllers and CAOs. Mr. Bradbury has also spent over a decade in EY's U.S. Assurance practice, where he served multiple roles including within the National Professional Practice Group, Financial Accounting Advisory Services practices, and as an auditor. Mr. Bradbury holds a degree in accounting from Brigham Young University and is a Certified Public Accountant. In connection with his appointment as Chief Accounting Officer, the Compensation Committee and the Board have approved a restricted stock unit award with a grant date value of $1,633,333, which will vest over a four-year period in substantially equal installments every three months following the vesting commencement date. T

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DRAFTKINGS INC. Date: June 13, 2024 By: /s/ R. Stanton Dodge Name: R. Stanton Dodge Title: Chief Legal Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR