Leslie Bluhm
About Leslie Bluhm
Leslie Bluhm, 60, has served on Rush Street Interactive’s (RSI) Board since December 2020. She is an attorney (J.D., University of Chicago Law School) with a B.A. from the University of Michigan, currently an associate at JMB Realty Corp. (since 1991) and previously co‑founded and led the nonprofit Chicago Cares (1990–2016) . She is the daughter of Neil Bluhm (RSI’s Executive Chairman and controlling stockholder), and the Board does not classify her as an independent director under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JMB Realty Corp. | Associate | 1991–present | Real estate operating/transactional background |
| Chicago Cares, Inc. | Co‑Founder; President | 1990–2016 | Built and led nonprofit volunteer service organization |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Chicago Community Trust | Executive Committee | Since 2013 | Nonprofit governance leadership |
| Museum of Contemporary Art Chicago | Board of Trustees; Vice Chair | Since 2013 | Board leadership role |
| OneGoal | Director | Since 2013 | Education nonprofit board role |
| Shining Hope for Communities | Director | Since 2013 | Global development nonprofit board role |
| Whitney Museum of American Art | Trustee | Since 2017 | Cultural institution trustee |
Board Governance
- Independence and family ties: The Board’s 2025 independence review lists five independent directors and does not include Leslie Bluhm; proxy also discloses family relationships between Neil Bluhm (Executive Chairman), Leslie Bluhm (director), and Andrew Bluhm (director) .
- Committee assignments: Current standing committees are Audit, Compensation, and Nominating & Corporate Governance (NCG). Leslie Bluhm is not shown as a member of any standing Board committee in the 2025 committee matrix .
- Lead Independent Director: The Board designated Niccolo de Masi as Lead Director .
- Controlled company status: RSI is a “controlled company” under NYSE rules (voting power >50% held by Messrs. Bluhm and Schwartz and affiliated entities). As a result, RSI does not have a majority-independent Board and its Compensation and NCG Committees do not consist entirely of independent directors .
- Meeting cadence and attendance: In 2024, the Board met 6 times; Audit 4; Compensation 1; NCG 0. All directors attended more than 75% of the aggregate meetings of the Board and committees on which they served, and all then-current directors attended the 2024 Annual Meeting of Stockholders .
- Director elections/rights: Under the Investor Rights Agreement, the Sellers’ Representative can designate director nominees; the three Class II nominees for 2025 (including Leslie Bluhm) were designated by the Sellers’ Representative .
Fixed Compensation
| Year | Cash Fees ($) | Equity Awards ($) | Total ($) | RSUs Outstanding (as of 12/31) | Vesting |
|---|---|---|---|---|---|
| 2024 | 0 | 141,851 | 141,851 | 24,415 | RSUs vest in full at the next Annual Meeting, subject to service |
- Program structure: Eligible non‑employee directors receive an annual equity retainer with grant‑date fair value of $125,000 (RSUs), valued using the 60‑day trailing average; RSUs vest at the next Annual Meeting. Ad hoc committees, if created, pay additional monthly retainers ($10,000 chair; $5,000 member) .
- 2024 individual outcome: For 2024, Leslie Bluhm received equity awards (RSUs) valued at $141,851 and no cash fees; she held 24,415 unvested RSUs at 12/31/24 that vest at the 2025 Annual Meeting, subject to continued service .
Performance Compensation
| Component | Metric | Target/Definition | Applies to Directors? |
|---|---|---|---|
| RSUs | Time-based vesting | Vest in full at the next Annual Meeting, subject to service | Yes (time-based, not performance-based) |
No option or PSU awards are disclosed for non‑employee directors under the Director Compensation Program; the program provides annual RSU retainers and only time‑based vesting for directors .
Other Directorships & Interlocks
| Company/Entity | Role | Type | Potential Interlock/Conflict Notes |
|---|---|---|---|
| Public company boards | — | Public | No other public company directorships disclosed in the proxy biography |
| Affiliated land‑based casinos | Family affiliations exist among Neil Bluhm and adult children (including Leslie) | Related parties | RSI pays royalties to affiliated casinos for brand/license/channel access; royalties were $66.1 million in 2024; receivables due from affiliated casinos were $18.2 million at 12/31/2024 |
| Rivers IP / RSG licensing | — | Related party IP | RSI licenses “Rivers,” “betrivers,” domains/marks via amended agreements with affiliates as part of the business combination framework |
Expertise & Qualifications
- Attorney with legal training (J.D., University of Chicago Law School) and community leadership credentials; co‑founded and led a large volunteer organization; extensive nonprofit board experience, including executive committee and vice‑chair roles .
Equity Ownership
| As of | Class A Shares Beneficially Owned | % of Class A | Class V Shares | % of Class V | % of Total Voting Power | Notes |
|---|---|---|---|---|---|---|
| April 9, 2025 | 76,256 | <1% | — | — | <1% | Beneficial ownership includes securities exercisable/vesting within 60 days per SEC rules |
| December 31, 2024 (award info) | — | — | — | — | — | Held 24,415 unvested RSUs vesting at 2025 Annual Meeting, subject to service |
Insider trading/hedging policy: RSI’s policy generally prohibits directors from engaging in hedging or monetization transactions, short sales, and transactions in publicly traded options involving RSI equity without prior approval from the Chief Legal Officer .
Governance Assessment
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Strengths
- Time‑based RSU retainer aligns director compensation with shareholder value creation and provides equity ownership exposure; no meeting fees or cash retainer reported for 2024; vesting tied to continued service through Annual Meeting .
- Board maintains a Lead Independent Director and schedules executive sessions of non‑management and independent directors; all directors met the >75% attendance expectation in 2024 and attended the 2024 Annual Meeting .
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Risks and RED FLAGS
- Not independent: Leslie Bluhm is a family member of the Executive Chairman/controlling stockholder and is not listed among independent directors; RSI is a controlled company relying on NYSE exemptions (Board not majority independent; Compensation and NCG Committees not entirely independent) .
- Related‑party exposure: Material, ongoing related‑party arrangements with family‑affiliated casinos; $66.1 million royalties paid in 2024 and $18.2 million receivables at year‑end indicate recurring financial flows with affiliates (conflict risk) .
- Board nomination influence: Sellers’ Representative can designate director nominees (including Class II nominees such as Leslie Bluhm), concentrating influence over board composition .
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Other observations
- Committee roles: She held no disclosed standing committee assignments in 2024/early 2025, which limits direct influence over audit, compensation, or nominations oversight .
- Shareholder voice: First say‑on‑pay is occurring at the 2025 Annual Meeting; controlling holders intend to vote in favor of all proposals, ensuring passage and potentially reducing minority investor influence on compensation/governance matters .