Seattle CEO to cut his pay so every worker earns $70,000

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Joined Jul 18, 2012
This is dope....

SEATTLE (AP) — A Seattle CEO who announced that he's giving himself a drastic pay cut to help cover the cost of big raises for his employees didn't just make those workers happy.

He's already gained new customers, too.

"We've definitely gained a handful of customers in the last day or two," said Stefan Bennett, a customer relations manager at Gravity Payments, a credit card payment processing firm. "We're showing people you can run a good company, and you can pay people fairly, and it can be profitable."

Dan Price, chief executive of the company, stunned his 100-plus workers on Monday 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.

Rest of Article in Link


Good business move as well.... Kudos to Price.
 

BukHumYai

formerly trill bill
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I'm sure dude made enough $$$ to retire already. I wish our CEO would do that, I wouldn't mind 70K.
 

Nereyda Vuelve Por Dios

formerly DONRE
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Admirable and goes against every rule in the book about business and capitalism. I wouldnt cut my salary that much unless my family is financially secure for a generation or two. 
 
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Joined Jul 18, 2013
He's a better man than me that's for sure. Ain't no way I'm cutting my salary from ~1M to 70K, maybe 700K
 
20,396
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Joined Jul 18, 2012
Gravity's CEO launched the company from his dorm room at Seattle Pacific University when he was just 19. He's long taken a progressive approach that included adopting a policy allowing his workers to take unlimited paid vacation after their first year.

"I think this is just what everyone deserves," Price told workers in a video of Monday's announcement released by the company.

But he also acknowledged it won't be easy: The increased pay will eat into at least half the company's profits, he said, and he has no plans to simply raise rates on clients.

"It's up to us to find a way to make it work," he said.
I mean, he's setting things up to the point where his employees will run through a wall for him.

It's going to be interesting to see how things go with this company in the future. I applaud his vision 100%.
 

fontaine

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He will definitely be able to recruit top talent with this move
 
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i respect this guy 100% and wish every CEO was like this... but that is too much of a drastic pay cut unless he got money like bill gates or something... i do agree the CEO has a lot of responsibilities and does deserve to get more money... he still did a good deed though...
 
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blco02

Banned
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This will fail in the long run. No incentive for working hard to make 70k? Productivity will drop big time after a couple years.

Socialism never works, people.
 
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20,396
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Joined Jul 18, 2012
This will fail in the long run. No incentive for working hard to make 70k? Productivity will drop big time after a couple years.

Socialism never works, people.
See below.

How about lemme work hard, because if I lose this job, no way I'm finding another one like it
+1

He probably makes money on the side; stock options, dividends etc, but the basic premise sounds really good.  Will be interesting to see what happens with this company within the next 5 years.
What I was figuring as well. He's a smart man....he's going to be filling in the void elsewhere (as you pointed out).
 
4,667
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Insert percentages movie....

I think the C3O has a side scheme in his own business and has a fool proof plan...
 
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He's better than me, **** the workers, I'm tryna get rich or die tryin fam, survival of the richest out here FOH
 
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