Jagdeep Singh bags salary package of Rs 17,500 Crore
Jagdeep Singh bags Billion Dollar salary package
An American startup company, QuantumScape Corp. has offered a billion-dollar salary package to its Indian-origin CEO Jagdeep Singh. The company which develops next-generation solid-state lithium-metal batteries for use in electric vehicles (EV), is headquartered in San Jose, California.
Delhi-born Jagdeep Singh has been given a pay package of $2.3 billion from the company. The decision was made by the shareholders during the annual shareholder meeting held on December 15.
Defending the pay package, QuantumScape wrote in a letter to shareholders, “We strongly believe in challenging, hard-to-achieve goals, and then focusing efforts to make them happen. This is why we based this new award of stretch goals and why we gave our key executives the ability to share the upside in a way that is commensurate with the difficulty of achieving them.”
In 2018, Tesla CEO Elon Musk became the first executive to be given awards worth $100 million. Since then, large pay packages have become common for top executives of a few American startups.
Jagdeep Singh completed his M.B.A from University of California, Berkeley, Haas School of Business and holds a Computer Science masters degree from prestigious Stanford University and a graduate from University of Maryland.
Notably, the investors of QuantumScape include Bill Gates, Khosla Ventures, LightSpeed and Volkswagen, among others.