Employees are seen Wednesday at Gravity Payments, a credit card payment processor based in Seattle. Gravity CEO Dan Price told his employees this week that he was cutting his roughly $1 million salary and using company profits so they would each earn a base salary of $70,000, to be phased in over three years. (Ted S. Warren, The Associated Press)
Re: “Seattle CEO to cut his pay so every worker earns $70,000,” April 16 business news story.
Dan Price, CEO of Seattle-based Gravity Payments, is raising the salary of all his employees to no less than $70,000 per year. In order to maintain company profits with this added expense, he cut his own annual salary to $70,000. Price insists that keeping productive and reliable workers is good business practice and well worth that wage.
Top bosses in all companies should follow Price’s example. There is no reason a CEO should make several hundred times what the lowest-paid employee gets.
David J. Baker,Colorado Springs
This letter was published in the April 18 edition.
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