Dan Price, CEO who cut his pay so workers earned $70,000, quits amid legal woes

A Seattle CEO who announced in 2015 that he was giving himself a drastic pay cut to help cover the cost of big raises for his employees has announced his resignation.

Dan Price, the embattled CEO of credit card processing company Gravity Payments, resigned Wednesday, The Seattle Times reported.

"My No. 1 priority is for our employees to work for the best company in the world, but my presence has become a distraction here," Price wrote in a statement on Twitter. He founded the company 18 years ago.