News: Why everyone's favourite CEO Dan Price resigned


Why everyone's favourite CEO Dan Price resigned

In an email to employees, Dan Price revealed he has become a ‘distraction’ in the company.
Why everyone's favourite CEO Dan Price resigned

Gravity Payments CEO Dan Price has announced his resignation from the credit card payments processing company following misconduct accusations and misdemeanor criminal charges filed against him.

In an email to employees, Price revealed that he has decided to step down as chief executive because he has become a "distraction" in the company.

"My No. 1 priority is for our employees to work for the best company in the world, but my presence has become a distraction here," Price wrote.

"I also need to step aside from these duties to focus full time on fighting false accusations made against me. I'm not going anywhere."

Read more: Power to the people? How workplace dynamics are shifting

As part of the announcement, Price named Gravity Payments COO Tammi Kroll as the company's CEO in his stead.

"I thank Dan for his time forming and leading Gravity, and the work he has done for our 20,000 small business clients and our 240 employees," Kroll wrote in response.

"The company supports his decision to step aside. I am grateful for the opportunity to lead Gravity through this new chapter."

Price’s assault accusations 

In May, Price appeared virtually in a Seattle municipal court to face charges of fourth-degree assault with sexual motivation, fourth-degree assault, and reckless driving filed against him by the city attorney's office. A 26-year-old woman had accused the CEO of assaulting her in his Tesla sedan after a dinner meeting. Price pleaded not guilty on all charges.

Read more: Worker's claims of PTSD from assault rejected

"Mr Price respects the legal process and is confident that he will be vindicated in court," Mark Middaugh, defense attorney to Price, told the Seattle Times.

This is not the first time Price was involved in assault accusations.

In 2015, Price's ex-wife, Kristie Colon, made the news after she revealed during her Tedx Talk that a former partner had waterboarded and beaten her. While Colon didn't mention the name of the perpetrator, she recounted that events occurred in May 2006. When asked by a Bloomberg reporter about Colon's statement, Price said those things "never happened".

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Topics: C-Suite, Leadership

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