Americans went into shock after it was announced that Seattle CEO Dan Price who in 2015 came into the limelight for taking a heavy pay cut for his fellow employees tendered his resignation. In 2015, Seattle CEO Dan Price became an internet sensation after he himself nodded to massive pay cut roughly from $1 million to $70,000 so that his employee can earn the same amount shockingly resigned from the company.
Following this drastic step, the Seattle CEO resignation reason has been one of the most queried questions going, on social media. As per the Seattle Times, Dan Price, the CEO of credit card processing company Gravity Payments, resigned on Wednesday. Following Price's resignation, Chief operating officer Tammi Kroll was announced as the new CEO.
Reportedly, in 2015, Dan Price shocked 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.For this gesture, Price won many praise and became the center stage of how a boss should be.
“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,” Dan Price, who founded Gravity Payments 18 years ago said in a statement.
Seattle CEO resignation reason
As per reports, Dan price has been fighting legal battles on multiple fronts. Price has been charged by Seattle prosecutors for misdemeanour assault against a woman and reckless driving. Furthermore, in the case, it has been alleged that Price tried to forcibly kiss a woman. Although he pleaded not guilty in May, the case remains ongoing.
Apart from this case, Price's brother Lucas sued him in 2015, alleging that Dan Price was overpaying himself. A King County judge ruled that Dan had not violated Lucas’ rights as a minority shareholder.
— Dan Price (@DanPriceSeattle) August 18, 2022