06:50 AM EDT, 08/15/2024 (MT Newswires) -- Starbucks ( SBUX ) said in a regulatory filing late Wednesday that its incoming chief executive officer, Brian Niccol, will be eligible for annual equity awards worth $23 million and additional stock grants of $75 million for giving up his shares in Chipotle Mexican Grill ( CMG ) .

Niccol's initial annual base salary will be $1.6 million and he will also get a cash signing bonus of $10 million, the filing showed.

Niccol, who has been Chipotle's CEO since 2018, will be replacing Starbucks' ( SBUX ) CEO Laxman Narasimhan, who stepped down on Tuesday.

Price: 93.60, Change: -0.30, Percent Change: -0.32