Seattle CEO Who Cut His Salary In Order For Workers To Earn $70k Resigns From His Position
It is my No. 1 priority to make sure that our employees are working for the best company in the world, but since I am here, I have become a distraction,” Dan Price, who founded Gravity Payments 18 years ago, said in a statement.
There is news that a Seattle CEO who had announced in 2015 that he was giving himself a drastic pay cut in order to help cover the cost of big raises for his employees has announced his resignation.
According to a report in the Seattle Times, Dan Price, the embattled CEO of Gravity Payments, resigned from his position on Wednesday.
As a result, Price stunned his 100+ employees when he announced that he was lowering his salary from roughly $1 million to $70,000 and that the profits from the company would be used to ensure that everyone there would earn at least that much in the next three years.
Seattle CEO Who Cut His Salary In Order For Workers To Earn $70k Resigns From His Position
According to Price, one of my top priorities is to make sure our employees work for the best company in the world, but the fact that I have become a distraction here has become a problem,” he wrote in a statement on Twitter. The company was founded by him 18 years ago.
“I also need to step aside from these duties in order to focus all my attention on fighting false accusations that have been leveled against me,” he continued. I’m not going anywhere. I’m not going anywhere.
It was reported earlier this year that Seattle prosecutors had charged Price with misdemeanor assault against a woman and reckless driving.
It has been reported that Price attempted to forcibly kiss a woman, according to prosecutors. In May, he pleaded not guilty to the charges against him; the case is still pending.
Price, who is 38 years old, has also been involved in other legal issues. A lawsuit was filed against him by his brother Lucas in 2015, alleging that Dan Price was overpaying himself.
There was a ruling by a King County judge that Dan had not violated Lucas’ rights as a minority shareholder in his business.
There were also allegations that Price had abused his ex-wife Kristie Colon as well during that time period.
As part of a Bloomberg report, Colon gave a TEDx talk during which she described being beaten and waterboarded by her ex, without naming Price, during which she described being beaten and waterboarded by Price in October 2015. As Price told Bloomberg, those events “never took place.”