Former CEO Jagdeep Singh not the highest paid in world, clarifies QuantumScape

QuantumScape refutes former CEO Jagdeep Singh’s ‘astronomical’ salary, says there is no evidence or factual basis for this claim

Hyderabad: A day after QuantumScape’s former CEO Jagdeep Singh’s ‘astronomical’ salary went viral, the company on Monday issued a clarification on the salary package stating “there is no evidence or factual basis for this claim”.

QuantumScape is a US-based company specialising in advanced battery technology, particularly for electric vehicles (EVs).

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According to the company, On February 8, 2024, the board accepted Singh’s request to transition from his role as CEO effective February 15, 2024, and also confirmed that he will be continuing in his capacity as the Chairman of the Board.

“When QuantumScape announced that Jagdeep was stepping down as CEO almost a year ago, the company also filed an 8-K legal document with the US government specifying that he will no longer receive any compensation. He waived compensation for his board work as well, and the stock options granted to him under the company’s Extraordinary Performance Award Program were also terminated at that time,” the company stated in a release.

Media reports had stated that Jagdeep Singh was the world’s highest-paid employee, earning a daily wage of Rs 48 crore. He received a whopping annual salary of Rs 17,500 crore. His exceptional salary package included stock options worth about $2.3 billion.

Singh holds a Bachelor’s in Engineering from Stanford University and an MBA from the University of California, Berkeley. He has served as the CEO, and Chairman of the Board since he co-founded QuantumScape in 2010.