DraftKings’ Rookie CFO Has Eventful Start With M&A, Fee Reversal

When sports-betting operator DraftKings Inc. announced a set of leadership changes in March, attention focused more on the outgoing chief financial officer than his successor.

Co-Founder and Chief Executive Officer Jason Robins tapped Jason Park to fill the new position of chief transformation officer, ending his nearly five-year run as CFO. Replacing Park was Alan Ellingson, DraftKings’ senior vice president of finance and analytics.

The news came as a surprise, but markets took it as a pleasant one, with the shares up 13% in the week of the announcement. While Ellingson, 45, had never been a CFO, analysts expressed ...