Portillo's, the fast-casual restaurant known for its Chicago-style favorites, has appointed Jack Hartung, President and Chief Strategy Officer at Chipotle, to its board of directors. This move comes as Portillo's aims to accelerate its growth in new markets across the country.
Hartung, a veteran in the fast-casual restaurant sector, played a pivotal role in Chipotle's growth and success over the past 25 years. During his tenure at Chipotle, the company expanded from fewer than 500 restaurants to over 3,600 locations nationwide, delivering a more than 60x return to shareholders.
Portillo's, which started with an initial investment of $1,100 in 1963, has now grown to more than 90 restaurants across 10 states. The company is known for its Chicago-style hot dogs, Italian beef sandwiches, char-grilled burgers, fresh salads, and famous chocolate cake. Additionally, Portillo's ships food to all 50 states via its website.
With the addition of Hartung, Portillo's board now comprises eight directors, seven of whom are independent.
Portillo's is looking forward to leveraging Hartung's experience in driving operating excellence and developing restaurants with best-in-class cash-on-cash returns as they continue to expand and evolve. Following these announcements, the company's shares moved 7.4%, and are now trading at a price of $9.88. For the full picture, make sure to review Portillo's's 8-K report.
