CEO who was appealed to promote annual salary of 7 million yen to all employees wins

ByPictures of Money

The CEO of a credit card processing company announced that "We will guarantee a salary of at least 70,000 dollars per year for the next three years to all 120 employees" was a big topic in 2015, "How about the minimum wage of employees It should also have raised the argument that "should it be?" On the other hand, regarding this announcement, the CEO was sued by a person who is his older brother and co-founder, but on July 8, 2016 a judgment was ruled against the CEO .

Seattle C. E.O. Who Promised $ 70,000 Salaries Wins Suit Filed by Brother - The New York Times
http://www.nytimes.com/2016/07/11/business/seattle-ceo-who-promised-70000-salaries-wins-suit-filed-by-brother.html

Credit card processing company in Seattle, USAGravity PaymentsSaid that Dan Price, CEO, announced in April 2015 that "we will guarantee all employees a minimum annual income of $ 70,000 (about 7 million yen)". Gravity Payments originally paid a salary of 35,000 dollars per year (about 2.8 million yen at that rate) on average per employee, but one of the employees said "salary is too low Mr. Price reviewed the financial affairs of the company and lowered his salary from 1.1 million dollars (about 130 million yen) to 70,000 dollars, so that he could work I promised to "guarantee a salary of at least 70,000 dollars per year for the next three years to all 120 employees" without firing them.

What happened to the company that gave all employees the minimum annual salary of about 8.5 million yen? - GIGAZINE


On the other hand, Mr. Price's older brother and co-founder, Mr. Lucas Price said, "CEO had set up his reward so far and had used company's credit card for personal use It was tried as a trial. The judgment of this trial was handed down to Friday, July 8, 2016, CEO Mr. Price won, and his brother Lucas was ordered to pay the trial fee required by Price.

The trial also touched on the fact that the relationship between Mr. Price and Mr. Lucas is getting worse. Mr. Price and Mr. Lucas co-founded Gravity Payments in 2004, but as a result of a company restructuring by 2008, Mr. Price will be appointed CEO with holding about 60% of its own shares, while Although Mr. Lucas owned about 40% of its own shares, he seems to have been little involved in daily work. In recent years there is a controversy among brothers about stock dividends, and when Mr. Price announces "to guarantee the minimum annual salary of 70,000 dollars to all employees", Mr. Lucas is informed until the official announcement did not. Mr. Lucas who heard the announcement by Mr. Price disputed the idea and filed an appeal two weeks after the announcement.

Mr. Lucas's lawyer claims that "Mr. Price's behavior ignores the agreement we decided at the time of the reorganization of the company," Lucas said that his claim was dismissed, said Mr. Lucas " I am disappointed, I am planning to consider about future plans. " Meanwhile, Mr. Price emphasized the connection with his older brother on Facebook etc. "Love to my brother is absolute" "My brother played an incredibly important role in creating Gravity Payments" I am doing a post with the content saying.