Dan Price recently decided that, as CEO of Gravity Payments, he had the power to really shake things up in the company.
Instead of cleaning house and sacking people, he's instantly become the most popular man in the building after he slashed his salary by 90%, and added the money to everyone else's pay packet so that the new minimum is at least $70,000 (€66,023).
Speaking about the move, Price said that "my salary wasn't $1 million because I need that much to live, but that’s what it would cost to replace me as a CEO", and that the gap between management and the other employees was "way out of whack". The increase is, for some employees, double what they were on, so there was a pretty good mood in the camp on the day he announced it to the 120 staff gathered in the meeting room.
He will also receive a salary of $70,000, and claims that he won't be taking a pay rise either until the company's profits improve on last year's mark of $2.2 million
Of course, the company is also getting a lot of publicity too, which we're sure is not a bad thing for them. Cynical, us? Never...
