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Highest paid Ola Electric executive not founder and CEO Bhavish Aggarwal, it is…
South Korean former LG battery expert heading Ola Electric's battery production operations in Tamil Nadu earned more than founder and CEO Bhavish Aggarwal
Ola Electric's highest paid executive was not founder and CEO Bhavish Aggarwal, or its CFO, or CTO. It was Hyun Shik Park, the Chief Operations Officer of Ola Cell Technologies, a wholly-owned subsidiary of Ola Electric, according to a Moneycontrol report which added that he had previously spent more than 36 years at South Korean conglomerate LG.
How much does Hyun Shik Park get paid at Ola Electric?
Park joined Ola Electric only last year and took home a pay of ₹8.7 crore in the financial year 2023-24. He was also given 17.3 lakh Ola Electric shares which could potentially be worth over ₹13 crore after the IPO, the report read.
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In comparison, Ola founder and CEO Bhavish Aggarwal got a compensation package of ₹2.88 crore in 2023-24. However, the company's board approved a new salary structure in December 2023, allowing him to take home up to ₹9 crore for the next five years.
Shaun William Calvert, former deputy CEO of Vietnamese EV giant Vinfast, and now, the chief operations officer of Ola Electric Technologies, a wholly-owned subsidiary of Ola Electric got paid ₹4.79 crore. Harish Abichandani, Ola Electric CFO, got paid ₹1.67 crore with stock options potentially worth over ₹18 crore.
What is Hyun Shik Park's role at Ola Electric?
Park heads the battery cell production operations in Ola's $100 million, 110 acre, 5 GWh (Gigawatt hours) capacity gigafactory in Tamil Nadu’s Krishnagiri district, with plans to scale it up to 100 GWh in phases.
Where did Ola Chief Operations Officer Hyun Shik Park work previously?
Park started his career in 1987 as a production engineer at LG in Cheongju, South Korea, after getting a bachelor's degree of science in chemistry from Pusan National University of South Korea. He eventually became the head of automotive battery for LG Energy Solution by 2006.
Afterwards, he spent six years in Nanjing, China, where he managed the battery manufacturing facility of LG which supplied Apple, Dell, HP, Lenovo, Motorola, and Nokia.
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He then went back to South Korea in 2013, serving as senior vice president and head of LG's mobile battery division, serving customers like Huawei and Xiaomi.
Further, he was in China for two more years from 2017, becoming a representative for LG Chemical in China, Taiwan and Hong Kong, where he managed 14 subsidiaries.
How much is Ola Electric itself valued?
Ola Electric, currently India's largest EV sooter maker with a market share of 35%, is valued around $4 billion, taking the upper end of the price band of ₹72-76 per share.
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The company, whose ₹5,500 crore IPO is scheduled on August 2 and closes on August 6, with a total issue size of ₹6145.96 crore.
Its ₹2,782 crore consolidated revenue is a near 510% rise compared to the previous financial year, but its net loss increased to ₹1,472 crore.
