DraftKings announces C-level reshuffle to aid with Jackpocket integration
CFO Jason Park to move into newly created chief transformation officer role to embed lottery courier and explore AI opportunities
DraftKings has reshuffled its C-suite in a move that will see its long-term CFO take up a new role as chief transformation officer (CTO) to oversee the integration of Jackpocket.
Jason Park, who has served as the company’s finance chief since June 2019, will start his new position on 1 May.
He will lead initiatives to deploy new technology to achieve additional operating efficiencies and oversee the integration of Jackpocket into the DraftKings network once the acquisition closes.
Last month, DraftKings reached an agreement to acquire the lottery courier app in a cash-plus-stock deal worth roughly $750m. The deal is expected to be completed in H2 2024.
Prior to joining DraftKings, Park spent two decades in the finance sector as an associate principal at McKinsey & Company and as an operating partner at Bain Capital.
Jason Robins, DraftKings CEO and co-founder, said that Park’s “unique skillset” would allow the operator to deliver on “large efficiency opportunities”.
He 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.
“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.
“There are also potentially transformational AI applications on the horizon that could change the way businesses operate and serve their customers to create potential long-term advantages.”
DraftKings also confirmed that Alan Ellingson, SVP of finance and analytics, will replace Park as the company’s CFO.
Ellingson originally joined the operator as VP of financial planning and analysis in February 2020 before being made SVP of finance in February 2022. He was promoted to his current position in January 2023.
Before heading to DraftKings, Ellingson spent less than eight years at IT consultancy firm Iron Mountain, where he held several roles, culminating in the position of VP of finance for the global operations support team.
Park said: “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.
“Alan is perfectly suited to seamlessly step into the chief financial officer role as an established company leader with deep credibility across the entire organisation.
“I look forward to assisting with this transition and continuing to deliver value for our shareholders. We will provide more information on the transformation program during our next earnings call.”
On his new role, Ellingson added: “We have built a world class finance organisation, and I look forward to expanding my leadership role with the team.
“In addition, I look forward to working closely with Jason Robins to deliver outstanding financial performance and generate incredible shareholder returns.”
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.