DraftKings’ Jason Park to Become New Chief Transformation Officer
LISTEN TO THIS ARTICLE:DraftKings has announced that it is making a number of changes to its senior management team. As part of the changes, Jason Park will be leaving his role as Chief Financial Officer to become the company’s first Chief Transformation Officer.
Park will assume his new role on 1 May after serving as CFO for close to five years having joined DraftKings in June 2019. His new job will require him to spearhead programs that improve operating efficiencies through the deployment of technology. He will also be overseeing the integration of the company’s proposed acquisition of Jackpocket for $750 million.
I have asked 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. Jason’s unique skill set, based on his accomplishments over the last five years as CFO and 11 years as a private equity operating partner, will allow us to further improve how we operate. In addition, I’m confident he will unlock the benefits of our proposed acquisition of Jackpocket following its closing to strengthen DraftKings’ position in US online gaming.
Alan Ellingson Announced as New CFO
Alan Ellingson, who is currently the company’s senior vice president of finance and analytics at DraftKings, will be taking over as CFO. He will be charged with improving shareholder value by helping the business achieve its financial goals.
Ellingson has been with DraftKings since February 2020, when he became vice president of financial planning and analysis. He then became senior vice president of finance before assuming his current role in January 2023.
Robins said that he is “very excited” about the appointment of Ellingson as CFO and described him as having “extensive experience across our finance and analytics teams, and most importantly, deeply understands our core value drivers and focus on maximising shareholder value.”
DraftKings Expects Growth in 2024
The last year has seen revenue increase by 63% at DraftKings to $3.7 billion and losses from operations were down from $1.5 billion to $789.2 million. Furthermore, negative adjusted EBITDA was $151 million, down from the previous year’s $721.8 million.
The company enjoyed a strong finish to 2023 with revenue in Q4 growing 44% to $1.2 billion. The loss from operations was down to $43.8 million from $232.2 million in Q4 2022. Adjusted EBITDA for the period was $151 million, up from negative $49.9 million.
As a result, DraftKings has said that it is expecting to report its first full year of positive adjusted EBITDA this year with earnings potentially as high as $510 million, up from the previously stated $450 million. Furthermore, the company expects revenue this year to be between $4.65 billion and $4.90 billion.
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