Steven J. Murray
DraftKingsAbout Steven J. Murray
Independent director of DraftKings Inc. since April 2020; age 56. Advisor to Revolution Growth III, LP (Managing Partner from Jan 2016–Oct 2024), with prior roles as Partner at Softbank (Apr 1996–Jan 2016) and at Deloitte & Touche LLP focused on high‑growth tech businesses. Holds a B.S. in Accounting from Boston College (1990). Serves as Audit Committee Chair and is designated the Board’s “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Revolution Growth III, LP | Advisor; formerly Managing Partner | Advisor since Oct 2024; Managing Partner Jan 2016–Oct 2024 | VC leadership; portfolio governance |
| Softbank (venture capital) | Partner | Apr 1996–Jan 2016 | Early‑stage tech investing, governance |
| Deloitte & Touche LLP | Professional (specialized in high‑growth tech businesses) | Prior to 1996 | Audit/advisory experience |
| Fitbit, Inc. (NYSE: FIT) | Director; Audit; Nominating & Governance | Jun 2013–Jan 2021 | Public company audit oversight |
| BigCommerce Holdings, Inc. (NASDAQ: BIGC) | Director; Audit committee | Jun 2018–Jul 2022 | SaaS e‑commerce governance |
| Uptake Inc. | Director | Oct 2022–Jan 2024 | Industrial software oversight |
External Roles
| Organization | Role | Tenure | Description/Focus |
|---|---|---|---|
| Glowforge Inc. | Director | Since Aug 2019 | 3D laser printers |
| Interactions Corporation | Director | Since Jun 2013 | AI virtual assistant CX products |
| Tala | Director | Since Mar 2018 | Financial services to underbanked |
| Orchard Technologies, Inc. | Director | Since Jun 2022 | DTC home buying/selling services |
| ZephyrAI, Inc. | Director | Since Dec 2023 | Precision medicine using real‑world data |
| Flyntlok, Inc. | Director | Since Mar 2023 | Cloud dealer management systems |
Board Governance
- Independence: Classified as an independent director under NASDAQ and SEC rules; DraftKings is a “controlled company,” but the Board maintains a majority of independent directors.
- Committee assignments: Audit Committee Chair; Compensation Committee member; Transaction Committee member.
- Audit expertise: Identified by the Board as the company’s “audit committee financial expert.”
- Attendance and engagement: Board met 6 times in 2024; each director attended at least 75% of Board and relevant committee meetings. Non‑employee directors held 4 executive sessions in 2024.
- Board leadership: CEO serves as Chair; no Lead Independent Director currently.
Fixed Compensation
| Component | Amount/Policy | Notes |
|---|---|---|
| Annual cash retainer | $45,000 | Paid quarterly in arrears; delivered in equity until DraftKings is profitable. |
| Committee chair retainer | Audit Chair: $20,000 | Compensation Chair: $17,500; Nominating/Compliance/Transaction Chairs: $10,000. |
| Committee member retainer | Audit: $10,000; Compensation: $7,500; Nominating/Compliance: $5,000; Transaction: $10,000 | Paid quarterly; delivered in equity until profitability. |
| 2024 Director stock awards (Murray) | $332,915 | Grant‑date fair value per ASC 718. |
| Other 2024 compensation (Murray) | $0 | No other amounts reported. |
Performance Compensation
| Equity Award | Grant Value (2024) | Units Unvested (12/31/2024) | Vesting | Performance Metrics |
|---|---|---|---|---|
| RSUs (Director equity retainer) | $332,915 | 6,969 RSUs | Vests at the sooner of next annual meeting or 1‑year anniversary of grant | None (time‑based only) |
Other Directorships & Interlocks
| Company | Type | Role |
|---|---|---|
| Fitbit (NYSE: FIT) | Public | Director; Audit; Nominating & Governance |
| BigCommerce (NASDAQ: BIGC) | Public | Director; Audit |
| Uptake Inc. | Private | Director |
| Glowforge; Interactions; Tala; Orchard; ZephyrAI; Flyntlok | Private | Director (Revolution portfolio companies) |
Potential conflict considerations: As an advisor to Revolution and director across multiple Revolution portfolio companies, any business dealings between those entities and DraftKings would fall under DraftKings’ Related Person Transaction Policy and Audit Committee review processes; policy covers transactions over $120,000 and mandates committee oversight. No specific transactions are cited here.
Expertise & Qualifications
- Accounting and audit: B.S. in Accounting; extensive audit/financial reporting oversight; Audit Chair; audit financial expert designation.
- Growth/technology investing: Decades in venture capital (Softbank; Revolution) with governance across AI, fintech, e‑commerce, and industrial software.
- Public company board experience: Fitbit and BigCommerce audit committee service enhances financial oversight credentials.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class A | Notes |
|---|---|---|---|
| Steven J. Murray | 63,274 | <1% | As of 3/21/2025 record date. |
- Director stock ownership guidelines: Non‑employee directors are expected to hold shares equal to 5× the Board cash retainer, to be achieved over 5 years; RSUs that vest solely with service count toward compliance.
- Insider trading and alignment policy: Prohibits hedging/short sales and pledging for margin loans without CLO approval; pre‑clearance required for director transactions.
Governance Assessment
-
Positives
- Independent director serving as Audit Chair and designated audit committee financial expert, supporting robust financial oversight.
- Active committee engagement (Audit, Compensation, Transaction) with at least 75% attendance in 2024; presence in executive sessions underscores independent oversight.
- Director compensation delivered primarily in equity (RSUs) aligns incentives with shareholder outcomes; standardized retainer/committee fee structure.
- Formal stock ownership guidelines for directors and clawback policy for executives strengthen governance and pay discipline.
- Related Person Transaction Policy and Audit Committee oversight mitigate conflict risks from external affiliations.
-
Watch items / red flags
- Controlled company structure with CEO/Chair holding ~89% of total voting power; absence of a Lead Independent Director may concentrate agenda‑setting and reduce counterbalance on governance matters.
- Multiple external directorships (private/public) create potential for perceived conflicts if portfolio companies engage commercially with DraftKings—policy processes exist, but continued monitoring is prudent.
Note: Board met 6 times in 2024, all directors ≥75% attendance; non-employee directors held 4 executive sessions. **[1883685_0001104659-25-028279_tm252515-2_def14a.htm:21]**
Audit Committee (Murray, Chair; Ryan R. Moore; Valerie Mosley); Compensation Committee (Ryan Moore, Chair; Jocelyn Moore; Steven Murray); Transaction Committee (Harry Sloan, Chair; Steven Murray; Marni Walden; Jocelyn Moore). **[1883685_0001104659-25-028279_tm252515-2_def14a.htm:22]** **[1883685_0001104659-25-028279_tm252515-2_def14a.htm:24]**
Director compensation program (retainers and RSUs) and Murray’s 2024 stock award value are disclosed above. **[1883685_0001104659-25-028279_tm252515-2_def14a.htm:82]**