(Corrects to "burrito chain" from "coffee chain" in paragraph

3)

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

incoming CEO Brian Niccol was eligible for annual equity awards

worth $23 million and would 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, was

instrumental in fixing the restaurant chain's reputation after a

series of food safety issues. He has also focused on improving

the burrito chain's digital and mobile ordering platforms to

boost efficiency.

Starbucks ( SBUX ) is banking on that experience as he becomes the

company's sixth CEO, replacing Laxman Narasimhan, who stepped

down on Aug. 13 after taking over the top job in March 2023.

Narasimhan's tenure was marred by increasing pressure from

activist investor Elliott Investment Management to turn the

company around as it grappled with growing competition from

nimbler rivals and weak demand in the U.S. and China.

Starbucks ( SBUX ) shares had shed nearly 25% of their value during

Narasimhan's tenure as the top boss.

Narasimhan's total compensation was worth $14.6 million last

year, compared with $8.8 million in 2022, according to a

regulatory filing in January.

Niccol's compensation at Chipotle was $22.5 million for

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

April.

Under Niccol's stewardship, Chipotle doubled its sales over

the last five years, while its stock more than tripled.

(Reporting by Granth Vanaik and Anuja Bharat Mistry in

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