A chief executive has announced plans to raise the salary of every single employee at his company to at least $70,000 (£47,000) – and will fund it by cutting his own salary by 90 per cent.
Mr Price, 30, has gone one step further, after telling ABC News he thought CEO pay was “way out of whack”.
In order not to bankrupt the business, those on less than $70,000 now will receive a $5,000-per-year pay increase or an immediate minimum of $50,000, whichever is greater.
A spokesperson for the company said the average salary was currently $48,000, and the measure will see pay increase for about 70 members of staff.
“My pay is based on market rates and what it would take to replace me, and because of this growing inequality as a CEO that amount is really high. I make a crazy amount.
The New York Times, which was invited along for the Wolf of Wall Street-esque announcement, reported that after the cheering died down Mr Price shouted: “Is anyone else freaking out right now?”
Via Deb Nystrom, REVELN