‘World’s Nicest Boss’ Defends $70K Minimum Salary

By Business Leaders FOXBusiness

Gravity Payments CEO defends $70K minimum salary

Gravity Payments CEO Dan Price on the impact of the decision to set the company's minimum salary at $70K a year.

In an interview with FOX Business Network’s Stuart Varney, Dan Price, the credit card firm CEO who was called “the world’s nicest boss” for instating a $70,000 minimum salary responded to the New York Times report that he had fallen on hard times as a result of the policy.

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“It’s true that we had to make some serious sacrifices, and that I myself had to buckle down, but I think it’s been 100% worth it,” Price said. “Making a profit is a really important part of being in business. It’s not the only thing that’s important.”

Price says he has no plans to drop the $70,000 minimum salary for every employee.

“I am committed to the $70,000 because there are so many reasons why that feels right… What the outside world looks at is strictly just the numbers… but for us as a team we look at the structural integrity of the company -- how we are serving our clients -- and in that area, I honestly believe we are stronger than we have ever been,” he said.

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