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SEATTLE, Aug. 18 (AP) A Seattle chief executive announced in 2015 that he would take a big pay cut to help cover the cost of big pay increases for his employees, and he announced his resignation.
Dan Price, CEO of struggling credit card processing company Gravity Payments, resigned Wednesday, The Seattle Times reported.
Price told his more than 100 employees that he would cut his roughly $1 million salary to $70,000 and use company profits to make sure everyone there was making at least that much money in three years, which allowed him to of more than 100 workers were shocked.
“My number one priority is getting our people to work for the best company in the world, but my presence has become a distraction here,” Price wrote in a statement on Twitter. He started the company 18 years ago.
“I also need to relinquish those responsibilities and focus on the false allegations against me,” he wrote. “I’m not going anywhere.”
Earlier this year, Seattle prosecutors charged Price with misdemeanor assault and reckless driving against a woman. Prosecutors said Price tried to force a kiss on a woman. He pleaded not guilty in May; the case is still pending.
Price, 38, has faced other legal issues. His brother Lucas sued him in 2015, accusing Dan Price of overpaying himself. A King County judge ruled that Dan did not violate Lucas’ rights as a minority shareholder.
Allegations that Price abused his ex-wife Christie Colon also surfaced that year. A Bloomberg story recounts Cologne’s October 2015 TEDx talk in which she described being beaten and waterboarded by her ex, but did not name Price. Those events “never happened,” Price told Bloomberg.
Chief Operating Officer Tammi Kroll will take over as CEO. (AP)
(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)
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