Dan Price, the founder and CEO of the Seattle-based credit card processing company Gravity Payments has officially resigned, he shared in an email to the company today. COO Tammi Kroll will step into the chief executive position.
Price first made headlines–and the cover of Inc.–in 2015, when he announced that he’d be taking a substantial pay cut, from $1.1 million to $70,000, to establish a minimum salary at his company. In following years, Price has run into legal trouble, including allegations of abuse. This, Price said in his resignation email (posted on Twitter), led his presence at his company to “become a distraction,” leading to his decision to step down and “focus full time on fighting false accusations” made against him.
In 2016, Price’s brother and Gravity Payments co-founder, Lucas, filed a lawsuit against the then CEO. Lucas claimed that, before his famous salary cut, Dan paid himself “excessive compensation” and violated his rights as a minority shareholder. A…
This article was written by Rebecca Deczynski and originally published on www.inc.com