DraftKings President Matthew Kalish Leaving Company in 2026
Posted on: November 12, 2025, 01:19h.
Last updated on: November 12, 2025, 01:31h.
- He’s one of three co-founders of the sportsbook operator
- His tenure as president will end on March 31, 2026
- He’ll remain on the gaming company’s board of directors
DraftKings co-founder and President Matthew Kalish is departing the company, meaning that come next year, the gaming operator will be without one of its three co-founders in a high-ranking position for the first time in 15 years.
Boston-based DraftKings disclosed what it described as a mutual decision in a 10-Q filing with the Securities and Exchange Commission (SEC) — the regulatory document filed in conjunction with the operator’s third-quarter earnings report, which was released last week.
On November 6, 2025, Mr. Kalish and the Company mutually agreed that Mr. Kalish will transition out of his role as President, DraftKings North America, effective as of March 31, 2026 (the ‘Transition Date’),” according to the document. “In connection with Mr. Kalish’s transition, the Company entered into a Transition Agreement with Mr. Kalish, pursuant to which Mr. Kalish will step down from all other roles as an officer or employee of the Company and any of its subsidiaries, effective as of the Transition Date.”
Kalish, 43, will remain as a member of the DraftKings board of directors.
Some Retail Investors Not Crying Over Kalish Departure
Kalish, Paul Liberman, and Jason Robins co-founded DraftKings in 2012, creating a daily fantasy sports (DFS) juggernaut while positioning the company to rapidly capitalize on the 2018 Supreme Court ruling on the Professional and Amateur Sports Protection Act (PASPA), paving the way for the firm to become one of the two largest US online sportsbooks.
Some DraftKings investors, many of whom are retail market participants, may be happy to see Kalish go. He, along with Liberman and Robins, have been rampant sellers of the stock. He’s sold more than $51 million worth of DraftKings shares across multiple transactions this year, and it looks like additional divestures by the outgoing executive are in store.
The 10-Q indicates that on September 9, Kalish and the company entered into an agreement pertaining to the trading conditions on a 10b5-1 plan. That allows the co-founder to sell 1.26 million shares of DraftKings Class A equity up to March 3, 2026.
Kalish also spearheaded DraftKings’ now shuttered nonfungible tokens (NFTs), which generated little in the way of profitability but plenty of legal drama, including a class-action suit the company settled, as well as a legal spat with the NFL Players Association (NFLPA).
What’s Next for Kalish
Kalish hasn’t publicly mentioned what’s in store when he leaves DraftKings, but he doesn’t have to rush into new ventures. His estimated net worth as of October 29 was $276.2 million. Nor is he leaving DraftKings without some perks.
The 10-Q confirms restricted stock options granted to him that were scheduled to vest next year will do so on an accelerated timeline of December 10. DraftKings is also picking up the tab for other goodies extending into 2027.
“Pursuant to the Transition Agreement, Mr. Kalish will receive continued security services and payment of COBRA premiums until March 31, 2027. He also will receive director compensation in connection with his continued service on the Board of Directors,” according to the SEC document.
No comments yet