The Seattle CEO who slashed his own salary by 98 per cent in order to pay his workers a better wage has won a legal battle with his brother.
“I’m thankful for the opportunity to put this challenging time behind us,” said Dan Price, CEO and cofounder of Gravity Payments.
“I’m excited to once again get back to investing all of my time and energy into supporting our clients, communities, and our team’s mission to change the way we think about the purpose of business.”
Last year, Price made headlines around the world when he promised an annual salary of at least $70,000 to each of his 120 employees but it seemed his sibling cofounder wasn’t so keen on the idea.
Just two weeks after the announcement, older brother and minority shareholder
Lucas Price filed a lawsuit, claiming he has been deprived of shareholder benefits and alleging Dan has excessively paid himself before taking the widely-publicised pay cut.
However, the familial legal battle came to an end on Friday when Judge Theresa B. Doyle ruled that Lucas had failed to prove his claims and ordered the disgruntled brother to pay Dan’s legal fees.
The widely-publicised lawsuit offered a glimpse into what the judge called “the volatility and downward spiralling” of the brothers’ relationship but Dan publicly acknowledges his brother’s contribution soon after the decision.
“My love for my brother is unconditional. I will never take for granted the incredibly valuable role Lucas played in creating our company,” he said in a
Facebook post.
“I’m thankful for the opportunity to put this challenging time behind us,” he added.
Lucas released a statement expressing his shock and disappointment as the decision and said he was considering his options.
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