Pershing Square doesn’t expect Chipotle to miss a step with CEO’s departure

Bill Ackman’s Pershing Square doesn’t expect Chipotle (NYSE:CMG) will lose a step with the departure of CEO Brian Niccol to Starbucks (SBUX).

“While we are disappointed to see Brian go, one of the measures of a great CEO is the company that he leaves behind,” Pershing Square wrote in an interim report on Thursday to investors. “Brian has built an extraordinary team at Chipotle that we expect will not lose a step in his departure. We are grateful to Brian for the extraordinary value he has created for CMG shareholders and Pershing Square.”

Pershing Square owned 28.8 million shares of Chipotle (CMG) as of the end of June, among the top ten holders of the stock.

Pershing Square also disclosed two new investments in Nike (NKE) and Brookfield Corp. (BN), though it didn’t provide any more details.

Shares of Nike (NKE) rose 4.3% on Thursday after Pershing Square’s 13F filing on Wednesday disclosed the Nike stake. Pershing Square’s 13F filing showed a stake of 3M class B shares in the world’s largest shoemaker at the end of Q2.