A Seattle CEO who announced in 2015 that he was giving himself a drastic pay cut to help cover the cost of big raises for his employees has announced his resignation.
Dan Price, the embattled CEO of credit card processing company Gravity Payments, resigned Wednesday, The Seattle TimesPrice stunned his 100-plus workers when he told them he was cutting his roughly $1 million salary to $70,000 and using company profits to ensure that everyone there would earn at least that much within three years.
“My No. 1 priority is for our employees to work for the best company in the world, but my presence has become a distraction here,” Price wrote in a“I also need to step aside from these duties to focus full time on fighting false accusations made against me,” he wrote. “I’m not going anywhere.”
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