We, the Gravity team, are all proud of him and his bold leadership. His cash compensation was in his own words, “ridiculously high.” But did you know he set aside a majority of his post-tax compensation for a company rainy day fund? This was to assure we can continue to drive costs down and service up for our community business owners, even in a recession. But did you know before making his famous pay cut, a substantial portion of his pay was in the form of shares of company stock, set forth in a 2008 shareholders agreement, which had a plan to increase his percentage of ownership in the company? Our CEO made big surfing waves when he aligned his own pay with our lowest paid team members. GeekWire asked Dan Price for comment on the compensation information, and the company posted this message on its Facebook page following our inquiry. Retraction alert: made error in this interview: /BUfyt6Nfha 27 retraction on Twitter and Facebook that he misspoke in those off-the-cuff comments at the Aspen Ideas Festival. The figures for 20 contrast with what Price told CNBC anchor Kelly Evans during an event last year: that he was making “probably $50,000” in 2011, which he called the “most I’d ever made in my life” at that point. It says Price received $957,811 in compensation in 2010, $908,950 in 2011 and more than $2 million in 2012, which represented more than 20 percent of Gravity Payments’ $9.9 million in sales that year. PREVIOUSLY: Internal emails: How a Seattle startup’s ‘drama’ became a Kentucky university’s problemĪmong other details, the filing discloses Price’s compensation as CEO dating back five years.
(Via YouTube.)Ī new court filing provides the first detailed glimpse of the internal financial results at what has become one of the Seattle region’s most closely watched privately held companies: Gravity Payments, whose CEO Dan Price made international headlines last year with his plan to raise the minimum salary at the company to $70,000 and reduce his own compensation to the same amount. Dan Price speaks at the Aspen Ideas Festival with CNBC’s Kelly Evans last year.