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Dan Price resigns as CEO of payment company following allegations of

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Dan Price, chief executive of a Seattle-based credit card processing company who made headlines for introducing a $70,000 minimum wage, faces misdemeanor and misdemeanor charges of assaulting a woman after a dinner party. suddenly resigned after being accused of

Price, who started Gravity Payments in 2004 at the age of 19, wrote in the email he had left the company.

“I also need to step away from these duties to focus full-time on fighting the false accusations made against me,” he added. “

According to The Seattle Times, Price started the company in 2004 using his brother’s money from his Seattle Pacific University dormitory. I was.

Eleven years later, he shocked the business world by announcing a $1 million pay cut to accommodate pay increases for all 120 employees, from sales to management. Price told The New York Times that workers would get raises in three years, bringing the minimum salary to $70,000 for all employees.The company called the program “$70,000 Gravity.”

“Is anyone else freaking out right now?” Price told an employee at the time. “I’m kind of crazy.”

Price later credited a 2010 academic paper titled, “High Income Improves Life Ratings, But Not Emotional Well-Being.” According to the Institute for Policy Studies, it was 354 to 1 then, and it’s now 670 to 1. Less than half of his 70 employees at the company have doubled their salaries.

“My market rate as a CEO compared to a normal person is ridiculous. It’s ridiculous,” Price said at the time. .”

The move established Price as a progressive CEO, pitching his company as being for “a little gal or guy who believes in the American Dream and is willing to work for it.”

However, Price ran into legal trouble. He was sued by his brother who claimed he was overpaying him. The lawsuit failed. Bloomberg then reported on a 2015 Tedx talk given by Price’s wife, Christy Colon. Colon didn’t name Price, who told the outlet the event “never happened.” .

A mysterious flyer appears near Gravity headquarters and reads, “Have you ever been abused by Dan Price? I hear you. We believe in you. We support you.”

In February of this year, Price was charged with assault and reckless driving. A 26-year-old woman called the Seattle Police Department and reported that she had discussed “professional matters” with Price at a restaurant, according to court documents reported by The Seattle Times.

In a Tesla sedan after dinner, prosecutors said Price attempted to kiss the woman, grabbed her by the throat when she refused, and performed “doughnuts” in the car in the parking lot. pleads not guilty to

“Mr Price respects the legal process and is confident that it will be proven in court,” Mark Middow, Mr Price’s attorney, wrote in an email to the Seattle newspaper.

After resigning Wednesday, Price statement on twitter It cites his performance in worker wages, overall employee satisfaction, leave, parental leave, and retention. “I’m proud of what we’ve accomplished,” he said.