Indian-Origin CEO Jagdeep Singh Not World's Highest Paid Employee, Company Refutes Media Reports

Days after Jagdeep Singh, the founder and former CEO of QuantumScape, made global headlines for reportedly being the highest-paid employee in the world with an annual salary of Rs 17,500 crore, equating to Rs 48 crore per dayQuantumScape issued a clarification on Monday. The company stated, "There is no evidence or factual basis for this claim," refuting the widely circulated reports.

The company clarified that on February 8, 2024, the board accepted Jagdeep Singh’s request to step down from his role as CEO, effective February 15, 2024.

QuantumScape has confirmed that Singh no longer receives compensation from the company, including salary and board-related payments. Additionally, his stock options under the Extraordinary Performance Award Program were terminated following his departure.

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"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 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 said in a release.

QuantumScape is a US-based company, which specializes in cutting-edge battery technology, focusing primarily on advancements for electric vehicles (EVs).

Singh holds a B.Tech degree from Stanford University and an MBA from the University of California, Berkeley. This educational foundation equipped him with valuable insights into both business and technology.

Singh, known for his contribution to electric vehicle (EV) battery technology, founded QuantumScape in 2010 with a focus on developing next-generation solid-state batteries. These innovative batteries promise to transform EV performance by enhancing energy efficiency and significantly reducing charging times. U

Before founding QuantumScape, Singh gained a wealth of experience in the industry, having spent more than ten years in significant positions at various companies.

(Disclaimer: The story has been updated. We deeply regret the inconvenience caused to our readers.)