CEO who minimize his $1 million wage to make sure his 100-plus staff earned not less than $70,000 resigns to combat accusations


A Seattle CEO who introduced in 2015 that he was giving himself a drastic pay minimize to assist cowl the price of massive raises for his workers has introduced his resignation.

Dan Value, the embattled CEO of bank card processing firm Gravity Funds, resigned Wednesday, The Seattle Instances reported.

Value shocked his 100-plus staff when he instructed them he was reducing his roughly $1 million wage to $70,000 and utilizing firm earnings to make sure that everybody there would earn not less than that a lot inside three years.

“My No. 1 precedence is for our workers to work for the very best firm on this planet, however my presence has change into a distraction right here,” Price wrote in a statement on Twitter. He based the corporate 18 years in the past.

“I additionally must step apart from these duties to focus full time on combating false accusations made in opposition to me,” he wrote. “I’m not going wherever.”

Earlier this 12 months, Seattle prosecutors charged Price with misdemeanor assault against a woman and reckless driving. Prosecutors say Value tried to forcibly kiss a girl. He pleaded not responsible in Could; the case stays ongoing.

Value, 38, has additionally run into different authorized bother. His brother Lucas sued him in 2015, alleging that Dan Value was overpaying himself.

A King County decide dominated that Dan had not violated Lucas’ rights as a minority shareholder.

Allegations that Value had abused ex-wife Kristie Colon additionally surfaced that 12 months.

A Bloomberg report recounted an October 2015 TEDx speak given by Colon throughout which she described being crushed and waterboarded by her ex, with out naming Value. Value instructed Bloomberg these occasions “by no means occurred.”

Chief working officer Tammi Kroll will take over as CEO.

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