Ola Electric's highest-paid executive is not its 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, as per a Moneycontrol report. It added that he had previously spent over 36 years at South Korean conglomerate LG.
Park joined Ola Electric only last year and earned Rs 8.7 crore in the financial year 2023-24. He also received 17.3 lakh Ola Electric shares which could be worth over ₹13 crore after the IPO.
Contrastingly, Ola founder and CEO Bhavish Aggarwal had a package of ₹2.88 crore in 2023-24. However, the company's board approved a new salary structure in December 2023, elevating his salary 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 earned ₹4.79 crore. Harish Abichandani, Ola Electric CFO, earned ₹1.67 crore with stock options worth over ₹18 crore.
Park leads the battery cell production operations in Ola's $100 million, 110 acre, 5 GWh (Gigawatt hours) capacity giga factory in Tamil Nadu’s Krishnagiri district, with aspirations to elevate it to 100 GWh in phases.
Park began his career in 1987 as a production engineer at LG in Cheongju, South Korea, after completing a bachelor's degree of science in chemistry from Pusan National University of South Korea. He eventually led the automotive battery for LG Energy Solution by 2006.
Thereafter, he spent six years in Nanjing, China, where he handled the battery manufacturing facility of LG which supplied Apple, Dell, HP, Lenovo, Motorola, and Nokia.
He then moved to South Korea in 2013, posted as senior vice president and head of LG's mobile battery division, managing clients like Huawei and Xiaomi.
Later, he was in China for two more years from 2017, representing LG Chemical in China, Taiwan and Hong Kong, where he handled 14 subsidiaries.
Ola Electric, presently India's largest EV scooter producer with a market share of 35%, is worth around $4 billion, taking the upper end of the price band of ₹72-76 per share.
The company, whose ₹5,500 crore IPO is slated on August 2 and closes on August 6.
Its ₹2,782 crore consolidated revenue to witness 510% rise compared to the previous financial year, but its net loss rose to ₹1,472 crore.
