Entrepreneur of the Year Sets $70,000 Minimum Wage
Could Dan Price, the CEO of a Seattle credit card processing company, represent America’s corporate future? Until just recently, Corporate America certainly thought so. Last year, a top business magazine named Price the nation’s “2014 Entrepreneur of the Year.”
But then this 30-year-old entrepreneur did something that has unsettled — and embarrassed — Corporate America. Price last month announced he was setting a $70,000 annual minimum for all his employees. He also called current U.S. CEO pay “absurd” and “out of whack” and announced he’ll be cutting his own million-dollar pay by over 90 percent.
America’s business leaders, Price predicts, “will follow suit” when they see how well his company will do with a much more equal salary structure.
A noble thought. But don’t hold your breath. America’s top execs and their pals aren’t treating Price as a hero anymore. The Acton Institute, for instance, has dubbed Price’s pay move “not a rational business decision.” Seems to us that we need plenty more of Dan Price-style irrationality.
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