Science & Tech

Meet the world's best CEO

This is Dan Price, the chief executive officer of Gravity Payments, a tech company based in Seattle.

This week he gathered his employees, around 120 of them, to tell them they were getting a pay rise, funded by cutting his own salary by 90 per cent.

Yes, that's right, everyone in Gravity Payments is having their salaries raised to at least $70,000 (£47,000) by 2017, which represents a 100 per cent increase for some workers.

Mr Price will now receive a salary of $70,000, down from $1million (£678,000), and has pledged not to increase his pay until the firm's profits match or exceed last year's $2.2million.

Underlining his hero status, he said he decided on the move because executive pay is "way out of whack".

As he explained to ABC News: "My salary wasn't $1 million because I need that much to live, but that's what it would cost to replace me as a CEO.

"It ended up impacting me, because I want the company to be sustainable even if something happens to me."

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