Ola Electric's battery man makes more than the boss
Hyun Shik Park, a seasoned battery manufacturing expert with over three decades of experience at LG, has emerged as the highest-paid executive at Ola Electric in FY24. Park's annual salary for FY24 was ₹8.7 crore. In addition to his cash compensation, Park was also granted 17.3 lakh shares in the firm, which could potentially be worth over ₹13 crore post the company's initial public offering (IPO). To note, founder Bhavish Aggarwal took home ₹2.88 crore in FY24.
Park's role at Ola Electric
Park's formal designation is COO of Ola Cell Technologies, an Ola Electric subsidiary. After joining the electric vehicle manufacturer last year, he now oversees operations at Ola's Gigafactory in Tamil Nadu. This facility is dedicated to mass-producing cells for batteries, and has already received an investment exceeding ₹800 crore n its initial phase.
Park's career and contribution to Ola
Park, an alumnus of Pusan National University in South Korea, started his career at LG as a production engineer in 1987. By 2006, he had risen to chief of automotive battery for LG Energy Solution. Prior to joining Ola in August 2023, Park was involved in management coaching and developing a training program for local engineers and operators for LG Energy Solution in Poland. His extensive experience in the battery industry is considered crucial to Ola's green mobility ambitions.
Other top earners at Ola Electric
While Park was the highest-paid executive in FY24, founder Bhavish Aggarwal may surpass him in FY25. Aggarwal's compensation package was ₹2.88 crore in FY24, but a new salary structure approved last December could see him earn up to ₹9 crore, for the next five years. COO Shaun William Calvert earned ₹4.79 crore in FY24, while CFO Harish Abichandani received ₹1.67 crore and was granted an employee stock option of 25.3 lakh shares which may be worth over ₹18 crore post-IPO.
