Hyun Shik Park, the chief operations officer of Ola Cell Technologies, has emerged as the highest-paid executive within the Ola Electric universe for the fiscal year 2024. Despite Ola Electric being known for its dynamic leadership, Park’s compensation surpasses that of founder-chairman Bhavish Aggarwal and other top executives.
Park, who joined Ola Electric in August 2023, received an impressive ₹8.7 crore in FY24. In addition to his substantial salary, Park was granted 17.3 lakh shares in the company, potentially valued at over ₹13 crore post-IPO, although stock options are typically vested over a period of 4-5 years.
As the head of operations at Ola’s Gigafactory, Park oversees the production of battery cells crucial to the company’s electric vehicles. The Gigafactory, situated on a 110-acre site in Tamil Nadu’s Krishnagiri district, has commenced with an initial capacity of 5 GWh and plans to scale up to 100 GWh. The first phase of the project, which Park leads, has seen an investment of $100 million (over ₹800 crore).
Ola Electric’s founder, Bhavish Aggarwal, received a compensation package of ₹2.88 crore for FY24. However, a new salary structure approved in December could enable Aggarwal to earn up to ₹9 crore annually over the next five years, potentially surpassing Park’s compensation in FY25.
Another notable executive is Shaun William Calvert, COO of Ola Electric Technologies, who earned ₹4.79 crore in FY24. Calvert, previously deputy CEO at Vinfast and a veteran of General Motors, is another high-profile foreign executive in the company.
The company’s CFO, Harish Abichandani, earned ₹1.67 crore in FY24 and was granted 25.3 lakh shares, which may be worth over ₹18 crore following the IPO.
Ola Electric’s IPO, opening for subscription on August 2, is expected to value the company at approximately $4 billion (₹33,500 crore), reflecting a decrease from its previous valuation of $5.4 billion. The IPO will include a fresh issue of ₹5,500 crore and an offer for sale (OFS) of up to 84.94 million shares, bringing the total issue size to ₹6,145.96 crore. The company reported a 35% market share in the electric two-wheeler segment by the end of FY24, a significant increase from 21% the previous year.
