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Check Out What Happened to the ‘Socialist’ CEO Who Raised His Company’s Min Wage to 7

Discussion in 'News & Current Events' started by Revmitchell, Aug 2, 2015.

  1. Revmitchell

    Revmitchell Well-Known Member
    Site Supporter

    Feb 18, 2006
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    It was just three months ago that Seattle CEO Dan Price was all over the news after he raised the minimum wage at his company, Gravity Payments, to $70,000 a year. He was even accused of being a ‘socialist’ for his attempt to fight the ‘wealth gap.’

    So far, It hasn’t worked out so well for Price and his company:

    According to a recent New York Times profile, the beleaguered CEO had to start renting out his home in order to make ends meet:

    “I’m working as hard as I ever worked to make it work,” he said. “I’m renting out my house right now to try and make ends meet myself.”
    The 31-year-old recently slashed his own salary, from approximately $1 million a year to $70,000 a year.

    This came after he lost several of his most prominent employees, who were displeased that newer, unskilled workers received the same pay as veterans:

    Gravity Payments financial manager Maisey McMaster didn’t pull any punches in her critique of her former boss:

    “He gave raises to people who have the least skills and are the least equipped to do the job, and the ones who were taking on the most didn’t get much of a bump,” she said.
    Another former employee, Grant Moran, echoed a similar sentiment:

    “Now the people who were just clocking in and out were making the same as me,” he said. “It shackles high performers to less motivated team members.”
    Dan Price’s own brother Lucas, who owns 30 percent of the company, even filed a lawsuit, seeking millions of dollars in damages: