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

From the Filing

0001104659-24-071073.txt : 20240613 0001104659-24-071073.hdr.sgml : 20240613 20240613081627 ACCESSION NUMBER: 0001104659-24-071073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240609 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240613 DATE AS OF CHANGE: 20240613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DraftKings Inc. CENTRAL INDEX KEY: 0001883685 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41379 FILM NUMBER: 241040063 BUSINESS ADDRESS: STREET 1: 222 BERKELEY STREET CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: (617) 986-6744 MAIL ADDRESS: STREET 1: 222 BERKELEY STREET CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: New Duke Holdco, Inc. DATE OF NAME CHANGE: 20210917 8-K 1 tm2416992d1_8k.htm FORM 8-K false 0001883685 0001883685 2024-06-09 2024-06-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934   Date of Report (Date of earliest event reported): June 13, 2024 ( June 9, 2024 )     DRAFTKINGS INC. (Exact name of registrant as specified in its charter)     Nevada 001-41379 87-2764212 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)   222 Berkeley Street , 5th Floor Boston , MA 02116 (Address of principal executive offices, including zip code)   Registrant’s telephone number, including area code: ( 617 ) 986-6744   Not Applicable (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Class A common stock, par value $0.0001 per share   DKNG   The Nasdaq Stock Market LLC   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨             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&#82