The Chicago Journal

CEO Dan Price who cut millions to earn $70K steps down amid assault charges

Dan Price caused a stir a few years ago when he took a massive salary cut in order to increase the salaries of his employees.

He recently made the rounds online again, this time due to his resignation from his company, Gravity Payments.


Dan Price recently announced his departure from Gravity Payments in a statement posted on Twitter.

“Dear colleagues, Today I resigned as CEO of Gravity Payments, the company I founded 18 years ago,” he wrote on August 18.

“Tammi Kroll, our long-time chief operating officer, has been named the company’s new CEO. 

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.”

The accusation

Price is currently charged with assaulting a 26-year-old woman.

Earlier this year he was charged with assault and reckless driving after he allegedly tried to kiss the woman after a business meeting.

When she refused his lead, Price allegedly grabbed her by the neck.

The Seattle Times reports that Price pulled into a parking lot and performed “donuts” in his Tesla with the woman in the car.

Despite the allegations, Dan Price insists he is not guilty and denies any wrongdoing

“Mr. Price respects the legal process and is confident that he will be vindicated in court,” his lawyer said earlier this year.

Dan Price

Dan Price gained widespread recognition in 2015 when he revealed he cut his salary from $1 million to $70,000.

He shared that the money helped fund an initiative to raise the company’s minimum wage for employees from $48,000 to $70,000 within three years.

“I’m so happy how people’s lives are changing because they deserve it, and they deserve every penny of it,” Price said.

“For me to make the sacrifice in the short term, I’d rather this than a vacation home in Palm Springs or the Hamptons. I guarantee that this will pay off.”

Since then, Price has established himself as an outspoken advocate for workers’ rights and has built a cult following on social media.

Many of his LinkedIn posts target business leaders, demand better wages and employee benefits, and regularly go viral.

Previous problems

Price has faced legal investigations and allegations of wrongdoing in his personal life over the years.

His initiative to raise the minimum wage at the company coincided with his older brother Lucas accusing Price in court of overpaying himself while violating his rights as a minority shareholder in the company.

The court then ruled in favor of Dan Price.

In 2015, Bloomberg reported that the ex-wife of then Gravity Payments chief Kristie Colon gave a TEDx speech in which she claimed to have physically assaulted her without mentioning his name.

Colon talked about her once she locked herself in her car, fearing that “he was going to body-slam me into the ground again or waterboard me in our upstairs bathroom like he had done before.”

Price told Bloomberg that his account of the incidents “never happened.”


$70,000 CEO Dan Price quits company over choking allegations

Boss who famously slashed own pay so workers earn $70k steps down over assault charges