Portillo's jumps after adding Chipotle executive to board

Portillo's (NASDAQ:PTLO) rose 8.2% as the hot dog chain added a Chipotle (CMG) executive to its board amid a push from activist Engaged Capital. 

Portillo's (NASDAQ:PTLO) announced the appointment of Jack Hartung, president and chief strategy officer at Chipotle (CMG), to its board, effective immediately, according to a statement earlier Friday. Hartung has spent 25 years at Chipotle and previously nearly two decades at McDonald's (MCD) in various management roles. 

The addition of Hartung comes after CNBC reported in August that activist investor Engaged Capital had accumulated a nearly 10% stake and was pushing for changes. The activist was talking with management on improving operations, margins and branding as the Chicago-based chain is expanding nationally. 

 “We appreciate Engaged Capital for the role they played in introducing us to Jack," Portillo's Board Chairman Mike Miles, said in the statement on Friday. 

Engaged said in an October presentation on Portillo's (PTLO) that it sees a scenario where Portillo's (PTLO) shares could rise to  ~$26 or as high as ~$33 by December 2026.