What CEO took a pay cut to pay employees 70k?

It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year. Price slashed his own salary by $1 million to be able to give his employees a pay raise.

What is Dan Price’s salary?

Dan Price of Gravity Payments said revenue has tripled since he cut his own annual salary of $1 million to $70,000.

When did Dan Price cut his pay?

2015
In 2015, Gravity Payments CEO Dan Price took a massive pay cut to raise the minimum wage at his company to $70,000 annually.

How is Gravity Payments doing now 2020?

Customer retention rate increased from 91% to 95% and company profits have doubled. In 2020, the company was making $4 million per month in revenue but faced drop of 55% in card processing fees as a result of the COVID-19 pandemic. The employees proposed voluntary pay cuts to preserve employment.

Is Gravity Payments doing well?

At Gravity, new hires made $35,000 a year. By any measure, Gravity was doing relatively well. Revenue hit $150 million in 2014 and was growing 15 percent per year on $7 billion in customer transactions. Profits hit $2.2 million — actually a so-so 1.46 percent net margin, below the industry average.

What is it like to work for Gravity Payments?

Fun, innovative, challenging. Gravity Payments is a unique place to work, and it is definitely a place for those who seek challenge, not comfort. No matter your role, you will be expected to be a leader and an innovator, and that doesn’t come naturally to everyone.

Why do CEOs get paid so much?

“Stock-related compensation comprises around 85% of CEO compensation.” Stock-related compensation is a key reason why CEOs earn so much more than even high earners. “It used to be that in the 1950s, 60s, and 70s, CEOs made 3.3 times what a top 0.1% earner made. Now, it’s more than six times,” says Mishel.