DraftKings executive remuneration slashed by double-digits in 2021
CEO Jason Robins, president Matt Kalish, and global president Paul Liberman all see 2021 compensation drop 94% as stock awards reduce
Total remuneration paid to DraftKings top executives dropped by double-digits during 2021, according to latest Securities and Exchange Commission (SEC) filing data from the sports betting and DFS heavyweight.
DraftKings trio Jason Robins (CEO and chairman of the board), Matt Kalish (president of DraftKings North America) and Paul Liberman (president of technology and product) all saw their 2021 total pay packages slump by 94% year on year.
Chief legal officer R. Stanton Dodge and CFO Jason Park also saw their total 2021 remuneration fall, albeit by the slightly lower amount of 88% year on year.
In respect of the DraftKings CEO, Robins’ basic salary dropped to just $112,500 in 2021, with his total remuneration falling from a 2020 high of $236.8m to just $14m.
The fall in Robin salary is mirrored in that of Matt Kalish, who was paid a basic salary of $73,558 in 2021, with his total remuneration declining to $11.4m from a prior 2020 high of $197.2m.
DraftKings global president of technology and product Paul Liberman also was paid a total remuneration of $11.4m in 2021, down 94% year on year from 2020, and with a basic salary of $73,558.
Chief among the factors for the double-digit decline is the massive reduction in stock awards taken by DraftKings top execs during 2021, incentives which were significantly down on the prior period.
Placing this in context, Robins’ salary is 137 times that of the average median salary of a DraftKings employee, who, according to SEC filing data, is paid $102,098 per annum.
Providing a unique window into the life of the DraftKings CEO, the SEC filing highlights measures taken by DraftKings to “address significant safety concerns” as well as unnamed “specific threats” made against Robins and his family.
The specific nature of these threats has not been disclosed but, as a prominent figure in the public eye, Robins has attracted criticism from certain quarters, including on Twitter following DraftKings share travails over the last 12 months.
To address these threats, DraftKings’ board of directors has approved a raft of personal security measures, including an independent security study undertaken by an unnamed third-party consultant.
“We require these security measures for Mr. Robins and his family and, given his importance to the company, believe that the scope and costs of these measures are appropriate and necessary,” a DraftKings filing states.
“The board will continue to evaluate these measures annually.
“Mr. Robins’ personal security program includes background checks for relevant individuals, armed security services at the office, and his personal residence and a requirement that Mr. Robins and his family only fly on private aircraft,” the filing adds.
According to SEC filing data, DraftKings paid out a total of $642,950 in respect of these security measures, with company charters of Robins’ own private plane amounting to $265,000 in 2021.