Market Daily

Market Daily

Dan Price, the groundbreaking CEO who sacrificed his million for his employees’ salary, steps down

Assault charges prompts Dan Price, who famously cut his salary to benefit his employees, to step down as CEO
Assault charges prompts Dan Price, who famously cut his salary to benefit his employees, to step down as CEO

Image source: Inc

Dan Price caused a stir a few years ago when he sacrificed his massive salary to increase the salaries of his employees.

He recently made the rounds online again, this time due to his departure from his company, Gravity Payments.


Dan Price recently announced his departure from Gravity Payments in a statement posted on Twitter.

“Dear Colleagues, today I resigned as CEO of Gravity Payments, the company I founded 18 years ago,” he wrote on Aug. 18.

“Tammi Kroll, our longtime COO, has been named the company’s new CEO. My number 1 priority is for our employees to work for the best company in the world, but my presence here has become a distraction.

I must also give up these duties to focus full time on fighting the false accusations made against me.

I’m not going anywhere. “

The accusation

Price is currently accused of assaulting a 26-year-old woman.

Earlier this year, he was charged with assault and reckless driving after allegedly attempting to kiss the woman after a business meeting.

When he turned down her designation, Price grabbed her by the neck. The Seattle Times reports that Price pulled into a parking lot and performed “donuts” in his Tesla with the woman in the car.

Despite the allegations, Dan Price insists he is not guilty and denies any wrongdoing

“Mr. Price respects the legal process and is confident it will be successful,” his attorney said earlier this year.

Dan Price

Dan Price gained widespread recognition in 2015 when he revealed that he reduced his salary from $ 1 million to $ 70,000.

He shared that the money helped fund an initiative to raise the company’s minimum wage for employees from $ 48,000 to $ 70,000 within three years.

“I’m so happy with how people’s lives are changing because they deserve it and they make every penny of it,” Price said. “For me to be a short -term sacrifice, I prefer this of a holiday home in Palm Springs or Hampons. I guarantee that this will bear fruit.”

Since then, Price has established himself as a pronounced supporter of employees’ rights and has created a cult on social media.

Many of his LinkedIn relationships focus on corporate leaders, require better wages and benefits for employees and regularly become viral.

Previous problems

Over the years, Price has faced legal research and the accusations of misconduct conducted in his personal life.

His initiative to increase the minimum salary at the company, coincided with his older brother Lucas who accused the prize of paying alone and violating his minority shareholder rights in society. The court then ruled in favor of Dan Price.

In 2015, Bloomberg reported that the ex-wife of Gravity Payments boss Kristie Colon gave a TEDx talk in which she claimed to have physically assaulted her without giving her name.

Colon spoke about her as she locked herself in her car, fearing that “he might slam me against the floor again or splash water on me in our upstairs bathroom like he had done before”.

Price told Bloomberg that his account of the incidents “never happened.”


$70,000 CEO Dan Price quits company over choking allegations

Boss who famously slashed own pay so workers earn $70k steps down over assault charges

Opinions expressed by Market Daily contributors are their own.