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.

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

By Business Leaders FOXBusiness

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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