April 14, 2015
By Suzanna Kim
The CEO of a credit-card payments company (click here) in Seattle said executive pay is "out of whack," so he's cutting his own pay and creating a minimum salary for his workers. Now, he will be earning $70,000 like many of them, and he's OK with it.
By Suzanna Kim
The CEO of a credit-card payments company (click here) in Seattle said executive pay is "out of whack," so he's cutting his own pay and creating a minimum salary for his workers. Now, he will be earning $70,000 like many of them, and he's OK with it.
Dan Price, 30, announced this week that any employee at his company,
Gravity Payments, making less than $70,000 annually will receive a
$5,000-per-year raise or be paid a minimum of $50,000, whichever is
greater. The aim: By December 2017, everyone will earn $70,000 or more.
To facilitate this change, Price said his salary will decrease to
$70,000 from about $1 million until or unless the company's profits are
greater than last year's approximately $2.2 million....
