Bill Ackman has unveiled Ryan Israel as Pershing Square’s new chief investment officer, describing him as a “once-in-a-generation talent as an investor.”

The succession plan aims to provide protection for a “pie-truck” risk with Ackman continuing in his role as CEO and portfolio manager.

“I will continue as CEO and portfolio manager with continued control over ultimate decision making, but if the pie truck were to run me over tomorrow, Ryan would be my choice to manage the portfolio,” said Ackman in a letter to shareholders.

Israel joined Pershing Square from Goldman Sachs in 2009 and was hailed by Ackman as the longest-tenured member of the team who “had the greatest opportunity to experience the company’s profoundest successes and failures in dramatically different market environments.”

Ackman stated the first half of 2022 was a challenging time driven by rising inflation, uncertainty around monetary policy, and geopolitical events.”

Pershing Square Holdings revealed a $3-billion interim loss in its half year results.

Pershing also revealed a loss per share of $14.99, turning from a profit of $3.30.