Seattle CEO Dan Price cuts own salary by 90% to pay every worker at least $70,000

A chief executive has announced plans to raise the salary of every single employee at his company to at least $70,000 (£47,000) – and will fund it by cutting his own salary by 90 per cent.

‘Dan Price, the CEO of Seattle-based tech company Gravity Payments, gathered together his 120-strong workforce on Monday to tell them the news, which for some will mean a doubling of their salary.

Seattle was already at the heart of the US debate on the gulf in pay between CEOs and ordinary workers, after the city made the ground-breaking decision to raise the minimum wage to $15 (£10.16) an hour in June.

But Mr Price, 30, has gone one step further, after telling ABC News he thought CEO pay was “way out of whack”.’

Read more: Seattle CEO Dan Price cuts own salary by 90% to pay every worker at least $70,000