CEO who slashed own salary to pay workers $70k minimum forced to resign after assault charge
Dan Price, the CEO of Gravity Payments who slashed his own salary to ensure employees were fairly paid, has resigned from the company after being charged with assault.
The CEO first made headlines after it was announced he would be cutting his $1 million salary to $70,000, a decision which would ensure his employees would all reach the same salary band within three years.
According to CBS News, the decision saw 70 employees given raises, with 30 of those having their salaries doubled.
However, Price has since been accused of forcibly kissing a woman and grabbing her by the throat.
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Earlier this year, he was charged with misdemeanor assault. He pleaded not guilty and the case is ongoing.
He has also been charged with reckless driving.
Price has now taken the decision to resign to focus on his legal battles.
Sharing the news of his resignation on a Twitter post, Price said: "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.
"I also need to step aside from these duties to focus full time on fighting false accusations made against me. I'm not going anywhere."
— Dan Price (@DanPriceSeattle) August 18, 2022
The former CEO's ex-wife Kristie Colon has also accused him of domestic abuse, accusing Price of punching, slapping and waterboarding her. Price said the allegations were 'completely false'.
Colon made the allegations against Price during a Tedx Talk in 2015, although she did not name him during her talk.
Price denied the allegations, stating: "The events that you described never happened."
A spokesperson for Gravity Payments also responded to the allegations, saying: "We’ve been floored at the attention our story has gotten over the past year, and inspired by the millions all around the globe who have engaged and shared their stories with us.
"Unfortunately, people in the public eye are subject to speculation and criticism. Sometimes it’s fair, other times it isn’t. The recent story in Businessweek contained reckless accusations and baseless speculations that are unequivocally false.
"As a company, we’ve faced many challenges in our history. Each time we’ve banded together, worked hard and focused on our mission to help our community businesses, we have eventually emerged stronger.
"This has been a truly memorable year in many ways. We’re looking forward to working harder than ever in pursuit of our mission."
Shiala Mahmood