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Why did Dan Price resign from Gravity Payments?

CEO Dan Price, known for cutting his own salary to increase his headcount, resigned from his company Gravity Payments on August 18, 2022.

His resignation comes amid claims he sexually assaulted a woman and alleged reckless driving.

Dan Price has been charged with sexual assault

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Dan Price has been charged with sexual assaultPhoto credit: Getty

What is Dan Price charged with?

Dan Price has been charged with sexual assault after a 26-year-old woman made a complaint to police.

The woman claims Price asked to meet her at a restaurant to discuss “personal matters,” but she told police he was “very drunk,” and when she tried to leave, he allegedly punched told her to wait for her Uber in his car, according to police records.

In her complaint, she alleges Price tried to kiss her and when she pushed him away, she claims he grabbed her by the throat and got “incredibly angry,” the reports said.

She claims he then drove her to a park where he made “donuts” in the parking lot and tried to force her to kiss him again.

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Price continues to deny the allegations and is pursuing charges against him, and his attorney, Mark Middaugh, said the allegations were “absolutely false”.

He told King5 News that the report cast “serious doubts on the complainant’s credibility”.

Middaugh added that they had evidence that contradicted details of the police report and cast “serious doubts on the applicant’s credibility” and they had evidence that contradicted the woman’s allegations.

Why did Dan Price resign from Gravity Payments?

Price sent a letter to his employees on August 18, 2022, saying he would step down as CEO of Gravity Payments.

“My number one priority is getting our people to work for the best company in the world, but being here has become a distraction,” Price wrote in a expression on twitter.

He continued, “I also need to step away from those duties to fully focus on fighting false allegations being leveled against me,” adding, “I’m not going anywhere.”

Price promoted his chief operating officer, Tammi Kroll, to CEO and informed employees that Kroll would take over immediately.

Kroll responded to the promotion by first thanking Price for starting the company and creating a positive work environment.

“I thank Dan for his time building and leading Gravity and for the work he has done for our 20,000 small business customers and 240 employees.

“The company supports his decision to resign. I am grateful for the opportunity to guide Gravity through this new chapter.”

How has he helped his employees at Gravity Payments?

Price shocked his employees in 2015 when he told them he had cut his annual salary from nearly $1 million to $70,000 so his 100-plus employees would get a sizable raise.

The announcement meant that the average annual salary of Gravity Payments employees increased by 46 percent.

“I’ve come up with a number of different scenarios, including macroeconomic disruption,” Price told CBS MoneyWatch at the time.

“I looked at a lot of different variables. They were all quite detailed.”

But he decided that by investing in its people, the company would grow faster, which showed almost immediately after the raise.

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

“To make the sacrifice on short notice, I’d rather have that than a vacation home in Palm Springs or the Hamptons. I guarantee it will pay off.”

When asked what his thoughts were on CEOs being paid significantly more than employees, he said he wasn’t particularly passionate about the issue as a whole.

He said: My passion is to lift the ordinary person up without them having to focus on making ends meet.

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He said, “It’s about paying people the value they bring and making sure we don’t say, ‘You’re only making $40,000 — you’re not worth investing.’

“We create loyalty to our team by investing in them.”

https://www.the-sun.com/news/6028283/dan-price-resigns-from-gravity-payments/ Why did Dan Price resign from Gravity Payments?

DevanCole

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