In 2015, Seattle's CEO announced a significant pay cut to help cover the cost of a significant salary increase . The employee has announced his resignation.
Dan Price, CEO of credit card processing company Gravity Payments, resigned Wednesday, The Seattle Times reported. Employees are working for the best company in the world, but my presence here is a distraction," Price wrote in a statement on Twitter. He founded the company 18 years ago.
"I must also step away from these duties to focus full-time on combating the false accusations made against me. ' he wrote. "I'm not going anywhere."
Earlier this year, Seattle prosecutors charged Price with assaulting a woman and reckless driving. Prosecutors allege that Price tried to force the woman to kiss him. He pleaded not guilty in May. Lawsuits are ongoing.
Seven years ago, Price surprised more than 100 of his employees by cutting salaries by roughly $1 million to $70,000. } and said he was using the company's profits. So that everyone there can earn at least that much in three years. This represents a 46% jump from his average annual Gravity Payments salary of $48,000 at the time. About 70 employees in the company got raises, and 30 people's annual income doubled.
Gravity Payments now pays its employees an annual minimum wage of $80,000, Price tweeted this week.
"I am very happy to see how people's lives are changing because they deserve it. They deserve it." 38} Price said in 2016. I guarantee you'll be rewarded."
The 38-year-old Price also ran into other legal troubles. His brother Lucas sued him in 2015. A King County judge ruled that Dunn had not violated Lucas' rights as a minority shareholder.
Allegations that Price abused his ex-wife Christy Cologne also surfaced that year, Bloomberg reported, during his TEDx talk Cologne gave in October 2015. Without naming her, it is explained that Coron was beaten and waterboarded by her ex-husband. Mr. Price told Bloomberg that those events "never happened."
Chief Operating Officer Tammy Kroll will become CEO of Gravity Payments.
- Seattle
- Washington
- Crime
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