Worth, who minimize his wage to present pay rises to all Gravity Funds’ 120 staff, faces assault and reckless driving costs
Dan Worth, the chief govt of a Seattle-based bank card processing firm who made headlines when he applied a $70,000 minimal wage, has abruptly resigned after accusations of misconduct and misdemeanor legal costs that he assaulted a lady after a dinner assembly.
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Worth, who began Gravity Funds in 2004 at age 19, he was stepping away from the corporate as a result of “my presence has change into a distraction right here.
“I additionally have to step apart from these duties to focus full time on combating false accusations made in opposition to me,” he added. “I’m not going wherever.”
Worth began the corporate in 2004 in his dorm at Seattle Pacific College utilizing cash from his older brother. He acquired the thought for the funds system whereas enjoying in a rock band at a espresso store.
Eleven years later, he shocked the enterprise neighborhood by asserting that he would minimize his $1m wage to accommodate pay rises for all 120 staff, from gross sales to administration. Worth that staff could be getting raises over three years, bringing the minimal wage of each worker to $70,000. The corporate referred to as this system
“Is anybody else freaking out proper now?” Worth “I’m type of freaking out.”
Worth later credited a 2010 educational paper titled for the thought and famous the rising disparities between executives and line staff, which was then at round 354-1 however has now grown to 670-1, Barely lower than half of the corporate’s 70 staff noticed their pay double.
“The market price for me as a CEO in comparison with an everyday individual is ridiculous. It’s absurd,” Worth stated on the time. “As a lot as I’m a capitalist, there’s nothing available in the market that’s making me do it.”
The transfer established Worth as a progressive CEO, and his firm marketed itself as being for “the little gal or man who believes within the American dream and is keen to work to chase it”.
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However Worth bumped into authorized hassle. He was sued by his brother, who claimed he was overpaying himself. The lawsuit failed. Then reported on a 2015 Tedx Speak given by Worth’s spouse, Kristie Colon, by which she described being waterboarded and overwhelmed by her ex. Colon didn’t identify Worth, who instructed the outlet that the occasions “by no means occurred”.
Mysterious flyers appeared close to Gravity’s headquarters asking, “Have you ever been abused by Dan Worth? We hear you. We imagine you. We help you.”
Then, in February this yr, Worth was charged with misdemeanor assault and reckless driving. In line with court docket paperwork, a 26-year-old lady referred to as Seattle police to report that she had met Worth at a restaurant to debate “skilled issues”.
In his Tesla sedan after the dinner, prosecutors stated, Worth had tried to kiss the girl, grabbed her throat when she refused, after which carried out “doughnuts” with the automobile in a parking zone. Worth hasto the fees.
“Mr Worth respects the authorized course of and is assured that he will probably be vindicated in court docket,” Worth’s protection legal professional, Mark Middaugh, wrote in an e mail to the Seattle paper.
After resigning on Wednesday, Worth posted a itemizing his accomplishments in staff’ pay, total worker satisfaction, day off, parental depart and retention. “I’m pleased with what we’ve executed,” he stated.
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