DraftKings hires Bain Capital partner as CFO
Jason Park will also act as a strategic advisor to CEO Jason Robins as former CFO shifts to compliance role
DraftKings has hired Jason Park, a former partner for investment firm Bain Capital, as its new chief financial officer (CFO).
According to the Boston Business Journal (BBJ), Park will also act as a strategic advisor to the operator’s CEO Jason Robins, as former CFO Tim Dent takes over as chief compliance officer full time.
During his time at Bain Capital, Park was responsible for strategic growth and technology investments. He also spent time on traditional investing due diligence.
BOSTON, MA – MARCH 26: DraftKings CEO and Co-Founder Jason Robins speaks during the unveiling of DraftKings headquarters March 26, 2019 in Boston, Massachusetts. (Photo by Darren McCollester/Getty Images for DraftKings)
Speaking to BBJ, Park said: “Lots of what I’ve been doing at Bain Capital have been around things like aligning on a multi-year plan for growth, identifying the key metrics that align to those growth plans and driving operational visibility and discipline around those performance drivers, communicating effectively with the board and the investor base, managing capital structure.
“These are all things that were, firmly, in my ‘job description’ as a Bain Capital operating partner, which I think translate pretty clearly to what mandates here at DraftKings,” he added.
One industry exec, speaking off the record, speculated that Park’s appointment suggests DraftKings is looking to raise significant funds.
The company is understood to have a significant burn rate, having recently moved to new premises in Boston and also leasing extra office space in a separate building to accommodate the company’s rapid growth.