Gregory W. Wendt
DraftKingsAbout Gregory W. Wendt
Independent director of DraftKings (DKNG) appointed effective October 24, 2025; the Board determined he meets NASDAQ/SEC independence standards and assigned him to the Nominating and Corporate Governance Committee . Wendt retired as a Partner at Capital Group Companies on July 1, 2025 after a 37‑year career as an investment analyst and portfolio manager with research coverage including the global casino sector; he holds an A.B. in Economics from the University of Chicago (Trustee) and an M.B.A. from Harvard University . DraftKings’ Board currently has no lead independent director and operates under “controlled company” status, though it maintains a majority of independent directors and independent-only key committees as a governance choice .
Past Roles
| Organization | Role | Tenure/Dates | Committees/Impact |
|---|---|---|---|
| Capital Group Companies (parent of American Funds) | Partner; Investment Analyst and Portfolio Manager | Retired July 1, 2025; 37-year career | Covered global casino and leisure sectors, bringing deep gaming sector investment insight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Chicago | Trustee | Not disclosed | UChicago A.B. in Economics |
Board Governance
- Committee assignment: Member, Nominating and Corporate Governance Committee (effective Oct 24, 2025) .
- Independence: Board determined Wendt meets NASDAQ and SEC independence requirements .
- Board structure context: DKNG combines CEO and Chair roles and has no lead independent director; Board held six meetings and non‑employee directors held four executive sessions in 2024, indicating regular oversight cadence .
- Controlled company disclosure: Robins controls >50% voting power; despite exemption, DKNG keeps majority independent board and independent-only compensation and nominating committees per charter choice .
Fixed Compensation
DraftKings’ non‑employee director compensation program (2024 framework) — applicable policy backdrop for Wendt’s role:
| Component | Amount | Notes |
|---|---|---|
| Annual Board cash retainer | $45,000 | Payable quarterly; delivered in equity until DKNG is profitable |
| Committee chair retainers | Audit: $20,000; Compensation: $17,500; Nominating/Corporate Governance: $10,000; Compliance & Risk: $10,000; Transaction: $10,000 | Payable quarterly; structure incentivizes committee leadership |
| Committee member retainers | Audit: $10,000; Compensation: $7,500; Nominating/Corporate Governance: $5,000; Compliance & Risk: $5,000; Transaction: $10,000 | Payable quarterly |
| Equity retainer (RSUs) | $250,000 grant upon initial election and annually at the shareholder meeting; vests at the sooner of next annual meeting or 1‑year anniversary | Aligns director interests with shareholders; equity delivery until profitability |
| Typical annual RSU value realized (2024 cohort examples) | $300k–$333k per director (grant-date FASB ASC 718) | Illustrative 2024 numbers for peers; individual RSU count outstanding at year-end: 6,969 per director |
Note: Wendt’s actual grants and fees will be disclosed in the next proxy; above reflects current program mechanics rather than his specific awards .
Performance Compensation
- DraftKings does not use performance-based cash or PSU structures for non‑employee directors; compensation comprises cash retainers and time‑vested RSUs under the director program (performance metrics are for executives, not directors) .
Other Directorships & Interlocks
- Public company directorships: None disclosed for Wendt in DKNG’s 8‑K appointment notice and press release .
- Appointment arrangements: 8‑K states no arrangements or understandings with any person pursuant to which Wendt was appointed, reducing interlock/conflict risk .
Expertise & Qualifications
- Sector expertise: Decades covering global casino and leisure industries as an investor/analyst, directly relevant to DKNG’s regulated gaming footprint .
- Education: A.B. in Economics (University of Chicago); M.B.A. (Harvard University) .
- Governance competence: Assigned to Nominating & Corporate Governance Committee at appointment, signaling expected contribution to board-refresh, matrix skills and governance processes .
Equity Ownership
- Beneficial ownership: Not disclosed in the 8‑K/press release at appointment; security ownership tables predating his appointment do not include Wendt .
- Director stock ownership guidelines: Non‑employee directors are required to hold 5x the Board cash retainer, to be met within five years of becoming subject to the policy, aligning director incentives with shareholders .
- Insider trading policy: Directors must obtain pre‑clearance from the CLO; hedging, pledging, and short-sale transactions are prohibited without prior approval, strengthening alignment and risk controls .
Governance Assessment
- Strengths: Independence affirmed; deep gaming-sector investment acumen; governance committee placement should enhance board refresh and oversight quality .
- Alignment: Director equity retainer and stock ownership guidelines promote long-term alignment; equity delivery until profitability reduces cash outlay and aligns with shareholder dilution management .
- Watch items: DKNG’s combined Chair/CEO with no lead independent director and controlled company status can concentrate power; continued strong committee independence and executive sessions are important mitigants for investor confidence .
- Conflicts/related party exposure: Company disclosed no appointment arrangements/understandings; no related-party transactions identified for Wendt at appointment, lowering conflict risk .
Upcoming disclosures to monitor: Wendt’s first proxy appearance (director compensation and equity grants), any Form 4 filings (initial holdings and RSU grants), committee attendance rates, and board matrix updates in the 2026 proxy .