Portillo's Chairman Appointed Interim CEO

By Bobby Samwell • Tuesday, September 23 10:21 • Permanent Link

Portillo’s Inc. (NASDAQ: PTLO) announced a significant leadership transition, with Chairman of the Board Michael A. Miles, Jr. being appointed as the Interim Chief Executive Officer (CEO), effective immediately. This change comes as Michael Osanloo, the former President and CEO, departs the company, and the Board establishes a Search Committee to identify the next CEO.

The recent performance of the company has prompted this leadership transition, with the brand acknowledging that it has not met expectations. In response to this, Michael A. Miles, Jr. has stepped into the role of Interim CEO, bringing with him extensive leadership experience in the retail and restaurant industries, having previously served as President and Chief Operating Officer of Staples and Chief Operating Officer of Pizza Hut with Yum! Brands.

Meanwhile, Eugene (Gene) I. Lee, Jr. has been appointed as the Lead Independent Director during this transition period. Lee, who previously served as CEO at Darden Restaurants, is set to play a crucial role in guiding the company through this transitional phase.

Portillo’s, known for its menu of Chicago-style favorites, has grown from a small hot dog trailer in Chicago to more than 90 restaurants across 10 states. The company operates a company-owned model of not just restaurants, but experience-focused destinations that blend dine-in, drive-thru, takeout, and delivery, aiming to serve guests with the food they crave.

As the Board commences the search for the next CEO, the focus remains on growing shareholder value and delivering a one-of-a-kind experience for both new and loyal Portillo’s guests.

The departing CEO, Michael Osanloo, expressed his gratitude for the opportunity to lead Portillo's, highlighting the hard work and dedication of the leadership team and all team members in making the brand iconic.

This leadership transition comes at a pivotal moment for Portillo’s as it continues its mission to bring its iconic food and unforgettable dining experience to guests across the country. Following these announcements, the company's shares moved 2.37%, and are now trading at a price of $6.49. Check out the company's full 8-K submission here.

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