Erik Bradbury
DraftKingsAbout Erik Bradbury
Erik Bradbury is DraftKings’ Chief Accounting Officer (CAO), rejoining the company in August 2024 after previously serving as CAO from September 2020 to September 2023; he is 47 years old, holds an accounting degree from Brigham Young University, and is a CPA . As CAO, he oversees SEC financial and regulatory reporting, operational accounting, and accounting policy; his 2024 re-appointment was not due to any disagreement on accounting matters and included no related‑party transactions . Company performance during his current tenure includes FY2024 revenue of $4.768B (+30% y/y) and actual Adjusted EBITDA of $181M, following FY2023 revenue of $3.665B (+64% y/y), underscoring improving fundamentals tied to cost discipline and product/market expansion .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| DraftKings | Chief Accounting Officer (CAO) | Aug 2024–present | Leads accounting, SEC/regulatory reporting, operational accounting, and accounting policy . |
| IAC Inc. | SVP, Controller & Chief Accounting Officer | 2023–2024 | Oversaw company‑wide accounting and financial reporting at a diversified media/Internet company . |
| DraftKings | Chief Accounting Officer (prior stint) | 2020–2023 | Built and led accounting/SEC reporting during high‑growth scaling and public company maturation . |
| Ernst & Young (EY) | Partner; prior National/FAAS/Audit roles | 2004–2015; 2017–2020 | Advised/assured complex accounting matters; leadership in national professional practice and advisory . |
| Financial Executives International | Professional Accounting Fellow | 2015–2017 | Managed activities of the Committee on Corporate Reporting (Fortune 100 Controllers/CAOs) . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Financial Executives International | Professional Accounting Fellow | 2015–2017 | Policy/standard‑setter engagement via CCR, shaping corporate reporting practices . |
Fixed Compensation
- Base salary and target/actual bonus amounts for Bradbury are not disclosed in DraftKings’ 2024 or 2025 proxy statements (he is not a named executive officer in those years) .
- For context on annual incentive mechanics at DraftKings in 2024 (applies to NEOs), bonuses were tied 50% to Revenue and 50% to Adjusted EBITDA, with actual results below threshold (0% payout), but these specific outcomes are not disclosed for Bradbury .
Performance Compensation
- Bradbury’s new‑hire equity grants upon re‑appointment (June 2024 approval; effective on or about Aug 12, 2024):
- Time‑based RSUs: $1,633,333 grant‑date value; vest in substantially equal quarterly installments over four years following the vesting commencement date .
- Performance‑based RSUs (PSUs): $3,266,667 grant‑date fair value; 50% tied to FY2025 performance metrics and 50% tied to FY2027 performance metrics that are generally applicable to similarly situated employees (DraftKings’ program uses Normalized Net Revenue and Normalized Adjusted EBITDA) .
| Incentive | Metric(s) | Weighting | Target framework | Payout range | Vesting/timing |
|---|---|---|---|---|---|
| Time‑based RSUs | Service | 100% | N/A | N/A | Quarterly over 4 years from commencement . |
| PSUs (Tranche 1) | Normalized Net Revenue; Normalized Adjusted EBITDA (FY2025) | 50%/50% | Company‑set FY2025 targets (same‑state basis; adjusted for specified items) | 25%–200% of target | Earned on FY2025 results; generally payable in early 2026 under program . |
| PSUs (Tranche 2) | Normalized Net Revenue; Normalized Adjusted EBITDA (FY2027) | 50%/50% | Company‑set FY2027 targets (same‑state basis; adjusted for specified items) | 25%–200% of target | Earned on FY2027 results; generally payable in early 2028 under program . |
Notes
- Program definitions: “Normalized Net Revenue” excludes in‑state revenue from new states not operating as of grant (with specified exceptions); “Normalized Adjusted EBITDA” excludes contribution from new states; both align with the company’s PSU construct .
- 2024 program calibration for NEOs used the 30‑day average price to determine units; Bradbury’s grant is presented in grant‑date value terms in the 8‑K .
Equity Ownership & Alignment
- Individual beneficial ownership for Bradbury is not itemized in the 2025 security ownership table (he is not a director/NEO named there); the table lists directors and NEOs individually and the full group in aggregate .
- Stock ownership guidelines explicitly exclude the Chief Accounting Officer; other executive officers have a 3x base salary guideline (Founders have fixed‑dollar targets; directors 5x board cash retainer) .
- Insider trading policy: prohibits trading on MNPI; requires pre‑clearance; prohibits hedging/short sales and pledging/margin loans or derivative transactions in company stock without CLO pre‑approval .
- Clawback: NASDAQ‑compliant policy adopted Oct 31, 2023; effective Dec 1, 2023; applies to current/former executive officers for incentive‑based pay during the three fiscal years preceding a required restatement .
Employment Terms
- Appointment: Board appointed Bradbury CAO and principal accounting officer on June 9, 2024, effective on or about August 12, 2024; upon his appointment, the CFO ceased serving as principal accounting officer .
- No disagreement disclosure: The change in principal accounting officer “was not a result of any disagreement” on accounting practices, operations, or policies .
- 8‑K expressly notes no related‑party transaction and no selection arrangement with a third party .
- Severance/change‑of‑control terms for Bradbury are not disclosed in the proxy or 8‑K (DraftKings discloses detailed employment agreement terms for founders, CFO, and CLO; not for CAO) .
Company Performance Context (during Bradbury’s current tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Millions) | 3,665 | 4,768 |
| Adjusted EBITDA ($USD Millions) | (151) | 181 |
Risk Indicators & Red Flags
- Accounting transition risk appears limited: re‑appointment 8‑K states no disagreements on accounting and no Item 404 transactions .
- Alignment safeguards: clawback policy and strict insider trading/hedging/pledging controls reduce governance risk; however, CAO exclusion from ownership guidelines modestly lowers formal ownership alignment relative to other executives .
- Vesting‑related supply: quarterly RSU vesting over four years plus PSU settlement windows (generally early 2026 and early 2028 under the program) can create episodic selling capacity, though sales (if any) would be subject to policy pre‑clearance and trading windows/10b5‑1 plans .
Compensation Structure Analysis
- Equity‑heavy, performance‑linked: New‑hire package skews toward PSUs (~2x the RSU grant value), tying value to multi‑year revenue and profitability targets (Normalized Net Revenue and Normalized Adjusted EBITDA), reinforcing pay‑for‑performance .
- Reduced guaranteed pay transparency: Absent disclosed base/bonus levels for CAO, investor assessment centers on equity mechanics; time‑based RSUs support retention; PSUs create upside/downside with 25%–200% payout range .
- Governance enhancements: NASDAQ‑compliant clawback and hedging/pledging limits strengthen shareholder protection; CAO is not covered by stock ownership multiples, a minor alignment gap versus other executive officers .
Investment Implications
- Retention vs. liquidity: Quarterly RSU vesting over four years plus PSU performance periods (FY2025/FY2027) likely support retention through 2028; potential selling pressure windows could align with quarterly RSU vests and PSU settlements (programmatically early 2026 and early 2028), subject to pre‑clearance and 10b5‑1 oversight .
- Alignment to value creation: PSU linkage to Normalized Net Revenue and Normalized Adjusted EBITDA aligns Bradbury’s incentives with revenue scale and margin expansion—key drivers of DraftKings’ path from FY2023 (revenue $3.665B; Adj. EBITDA −$151M) to FY2024 (revenue $4.768B; Adj. EBITDA $181M) .
- Governance/controls: No accounting disagreements on re‑appointment, a standing clawback, and trading/pledging restrictions mitigate governance risk; lack of a formal ownership multiple for the CAO is a modest offset .