On Wednesday, Dan Price resigned as CEO of Gravity Payments and Tammi Kroll, the COO, was named as the company’s new CEO, according to a tweet from Price.

Price also said that his presence had become a distraction, saying: “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.”

Price gained national attention in 2015 when he slashed his own salary to ensure his employees received at least $70,000 a year.

During the pandemic, Gravity managed to avoid any layoffs. He told KIRO 7 News in March 2020 that he had approached his workers with a blunt assessment: More than half of the company’s business had dropped off the books, practically overnight. As restaurants, stores and various businesses closed their doors, the credit card processing business was looking at its own massive coronavirus pandemic fallout.

“We don’t know what’s going to happen, and I don’t have a solution for you,” Price remembers telling the workers at a meeting.

During that time, staff members volunteered to take temporary pay cuts to avoid a single layoff. Price and his chief operating officer were among 10 who agreed to be paid $0. In total, 98% of employees agreed to some form of a pay cut.

However, that changed in April 2020 when Price told KIRO 7 that the company was bringing in more businesses into its credit card processing system than ever before. Gravity Payments also began working with small businesses to incorporate...

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