DraftKings confirms changes to leadership team

DraftKings, the gaming and betting leader with a strong presence in North America, announced changes to its senior-level team. Earlier this week, the company confirmed that its Chief Financial Officer (CFO), Jason Park, will transition to the role of Chief Transformation Officer (CTO). Park will assume the newly created role effective from May 1, 2024, DraftKings confirmed.

Serving as CTO, he is expected to play a key role in boosting operating efficiencies and the deployment of innovative technologies. Additionally, Park will spearhead the efforts of the proposed acquisition of Jackpocket Inc, among other strategic priorities that come together with the duties of his new role.

It was back in June 2019 when Park first joined DraftKings as CFO and played an important role in the transition of the company to public markets. As CFO, he was a central figure for the company whose revenue grew exponentially from $323 million in 2019 to a whopping $3.67 billion in 2023. Under Park's guidance, DraftKings implemented a number of efficiency programs. From the first trading day of the company on July 25, 2019, until March 15, 2024, its stock price soared by more than 325%.

In a statement released by DraftKings, Park shared his excitement saying: "I am thrilled to take on this new role which tackles several significant opportunities to improve how we operate and taps into my passion for building great and highly efficient companies."

Besides Park's transition to CTO, DraftKings confirmed that it selected Alan Ellingson, the company's Senior Vice President, Finance and Analytics, for the elevated role of CFO. Not unexpectedly, the transition is planned to come into effect on the same day Park will transition to his new role, May 1, 2024. As CFO, Ellingson is expected to oversee strategic financial processes, help the company achieve financial objectives and boost shareholder value.

Ellingson first joined DraftKings back in 2020 and has served as SVP, Finance and Analytics since. He played an important role in the development of the company as a world-class finance and accounting organization. Ellingson's strategic guidance played an important role for the achievement of strategic multi-year financial objectivesby DraftKings.

Sharing his excitement, the future CFO said: "We have built a world-class finance organization, and I look forward to expanding my leadership role with the team." Finally, Ellingson pointed out: "In addition, I look forward to working closely with Jason Robins to deliver outstanding financial performance and generate incredible shareholder returns."

Commenting on the topic, Jason Robins, DraftKings' CEO and Co-Founder, said: "I have asked Jason Park to take on a new role at DraftKings to address and capture large efficiency opportunities that I expect will generate significant incremental profitability over the coming years." Additionally, Robins said that it is thrilling to see the promotion of Ellingson to the CFO role. Finally, the CEO predicted that the new CFO would play an important role in the accomplishment of different financial objectives.

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