Aug 14 (Reuters) - Starbucks ( SBUX ) said on Wednesday

incoming CEO Brian Niccol would be eligible for annual equity

awards worth $23 million and receive 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, Starbucks ( SBUX ) said in a filing. He will also receive a cash

signing bonus of $10 million.

Niccol, who has been Chipotle's CEO since March 2018,

has been instrumental in fixing the restaurant chain's

reputation after a series of food safety issues. He has also

focused on modernizing its digital and mobile ordering

platforms.

He will be Starbucks' ( SBUX ) sixth CEO, replacing Laxman

Narasimhan, who stepped down on Aug. 13 after taking over the

top job in March 2023.

At Chipotle, Niccol's compensation was $22.5 million for

2023, compared with $17.2 million in 2022, a filing showed in

April.

(Reporting by Granth Vanaik and Anuja Bharat Mistry in

Bengaluru; Editing by Sriraj Kalluvila and Anil D'Silva)