Idaho CEO Dan Price, who sets a minimum salary of $70,000, resigns

Idaho CEO Dan Price, who sets a minimum salary of $70,000, resigns
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Seattle CEO, Idaho, who rose to national prominence by setting a minimum salary of $70,000 for all his employees and cutting his own salary, resigned as CEO of the company Set up in college amid misdemeanor assault charges.

Dan Price said he was resigning from Gravity Payments, a credit card processing company, to devote more time to “fighting false claims”. Earlier this year, he was accused of trying to kiss a woman against her will, the Seattle Times reported.

Price recently resigned from The New York Times published a research story details numerous women’s allegations of inappropriate behavior. “Mr. Price’s online reputation, an abuse in his personal life and his hostile behavior at his company, show interviews with more than 50 people, documents and police reports,” he said.

“We No. The priority is for our employees to work for the best company in the world, but my presence here has become a distraction,” he said. I also need to leave these duties full-time to focus on fighting false accusations made against me,” he added, “I’m not going anywhere.”

Price did not elaborate on the allegations or immediately respond to a request for comment. Gravity Payments did not immediately respond to a request for comment.

Frequently criticizing company executives and the huge pay gap between them and their employees, Price gained notoriety in 2015 after announcing that he would raise the salary of every employee to at least $70,000. At that time, its 120 employees were paid an average salary of $48,000 per year, according to the Times.

The report also slashed more than 90% of his salary, slashing his own $1 million in compensation, and used roughly three-quarters of that year’s profits to cover higher wages. Price said he will keep his salary low until profits are restored.

On Twitter, Price praised the success of his company’s model and the benefits it provides to its employees. The minimum wage for workers is currently $80,000, he said, and staff received a $10,000 base raise this year. Job postings typically attract more than 300 applications, he said.

The original salary base was set the year Price won a legal battle against his older brother, Lucas Price. A three-week court battle ensued after his brother, Dan Price, claimed that his rights as a minority shareholder were violated when he increased his own salary that year. A King County Supreme Court judge disagreed and ordered Lucas Price to pay his brother’s legal fees totaling $1.3 million.

price increased It’s between Melba and Marsing in rural Canyon County, Idaho Statesman previously reported. He graduated from Nampa Christian High School in 2003. his father, Ron PriceHe is a long-time Boise business consultant, speaker, and author.

According to the Times, the price was $19 when he launched Gravity Payments in 2004 using Lucas Price’s seed money in his dorm room at Seattle Pacific University, a Christian liberal arts university.

In 2019, Dan Price visited Boise to open a 40-employee Gravity Payments office at 110 N. 27th St.

Gravity Payments CEO Dan Price chats with employees during a celebration at the opening of Gravity Payments’ new Boise office in 2019. Katherine Jones

Now 38, Price’s public personality centers around his defense of average workers and his critique of big business. “It’s Worth It: How a Million-Dollar Pay Cut and a $70,000 Minimum Wage Show a Better Way to Do a Business.” He wrote the book titled 2020.

He also wrote that 98% of Gravity Payments employees are willing to temporarily cut their wages from 5% to 100% to avoid layoffs. On Wednesday, Price said the company has never laid off a single employee in its 18-year history.

In the announcement, Price said that Tammi Kroll, the company’s chief operating officer, stepped in as CEO.

Idaho Stateman Business and Local News Editor David Staats contributed.

This story was originally published August 18, 2022 at 13:32.

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