DraftKings CFO Jason Park Transferring To New Position At Gaming Agency

Posted on: March 18, 2024, 05:34h. 

Final up to date on: March 18, 2024, 08:06h.

DraftKings (NASDAQ: DKNG) introduced at present that CFO Jason Park is transferring to a different position inside the gaming firm and that Senior Vice President of Finance and Analytics Alan Ellingson, will assume the highest monetary job on the agency on Might 1.

Jason Park
Quickly-to-be former DraftKings CFO Jason Park. He’s transferring to a brand new position inside the gaming firm. (Picture: Gary Higgins/The Bostin Enterprise Journal)

Park joined Boston-based DraftKings as chief monetary officer in June 2019, main monetary operations on the gaming firm via the 2019 reverse merger with particular objective acquisition firm (SPAC) Diamond Eagle Acquisition Corp. that paved the best way for the sports activities betting big to turn out to be a standalone publicly traded entity in April 2020.

Park was additionally instrumental and serving to DraftKings flip the nook from money-loser to a worthwhile firm identified for persistently upping income and earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) forecasts.

Throughout his tenure as Chief Monetary Officer, DraftKings’ income grew from $323 million in 2019 to $3,665 million in 2023. The Firm additionally produced optimistic Adjusted EBITDA within the second and fourth quarters of 2023 due partially to Mr. Park’s management of operational effectivity applications,” in line with an announcement issued by the gaming firm.

Throughout Park’s tenure, DraftKings inventory has been turbulent, working from round $10 quickly after the SPAC deal was introduced to north of $74 in March 2021 earlier than sliding under $10 at one level in Might 2022. The shares of have since greater than quadrupled and the inventory’s general efficiency with Park as CFO is spectacular at a achieve of 325% as of March 15.

Park’s New Position at DraftKings

In his new gig at DraftKings, Park will maintain the title of chief transformation officer.

CEO and co-founder Jason Robins famous that in that position, Park might be accountable unlocking worth tied to the operator’s lately introduced acquisition of on-line lottery supplier Jackpocket in addition to addressing potential advantages for the gaming firm on this planet of synthetic intelligence (AI).

“There are additionally doubtlessly transformational AI functions on the horizon that might change the best way companies function and serve their clients to create potential long-term benefits,” stated Robins within the assertion.

Park famous that extra data on the transition might be supplied on DraftKings’ subsequent earnings convention name. Primarily based on earlier reporting patterns, it’s estimated the gaming firm will ship first-quarter outcomes on Might. 2.

Ellingson Resume

Ellingson has been with DraftKings since 2020 and has spent a lot of that point working carefully with Park, indicating his promotion to CFO is sensible and doubtlessly seamless for the operator. A few of his earlier duties included “constructing the forecasting capabilities that help the creation, monitoring and ongoing refresh of the corporate’s multi-year monetary goals.”

“Alan has been with DraftKings for greater than 4 years, has in depth expertise throughout our finance and analytics groups, and most significantly, deeply understands our core worth drivers and deal with maximizing shareholder worth,” famous Robins within the press launch.

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