(Reuters) -Starbucks 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.
Niccol’s initial annual base salary will be $1.6 million, Starbucks 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’ 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)
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