When Jagdeep Singh led Quantumscape, he earned Rs 48 crore (about $5.8 million) a day, making him the world's highest-paid CEO. His staggering annual compensation of Rs 17,500 crore is tied to stock options and performance milestones, reflecting his transformative impact on the company.
However, Singh is no longer listed among the highest-paid CEOs of major public companies.
His compensation as CEO of QuantumScape was unprecedented, driven by stock options reportedly worth $2.3 billion. This financial package beats out industry giants like Broadcom's Hock Tan ($161.8 million) and Palo Alto Networks' Nikesh Arora ($151.4 million).
Singh's earnings highlighted the value placed on his leadership and the company's success during his tenure.
As founder of QuantumScape, Singh led the company to the forefront of clean energy innovation. QuantumScape's solid-state battery technology promises faster charging, improved safety and superior performance compared to lithium-ion batteries. These advances have positioned the company as a leader in the EV industry, attracting investment from heavyweights such as Bill Gates and Volkswagen.
Despite his astronomical compensation, Singh's earnings stand out as the exception rather than the norm in CEO pay. His package appears to be tied to specific performance goals and stock options, a one-time alignment that reflects the company's rapid growth and industry leadership.
Singh will step down as CEO in February 2024 but will remain on the company's board.
With degrees from Stanford and UC Berkeley, Singh combined technical expertise and business acumen to launch QuantumScape in 2010. Over the years, his leadership has not only advanced EV battery technology, but also reshaped the clean energy landscape.
Singh's tenure at QuantumScape set a new standard for CEO compensation, and is closely tied to his achievements in advancing clean energy technology. His earnings may be outliers, but they reflect growing returns for leaders driving transformative change in critical industries.