Portillo's Appoints Michael A. Miles, Jr. as Interim CEO

By Philip Seaworth • Tuesday, September 23 15:41 • Permanent Link

Portillo’s Inc. (NASDAQ: PTLO) has announced a significant leadership transition, appointing Michael A. Miles, Jr., the current Board Chairman, as the Interim Chief Executive Officer (CEO) effective immediately. This change comes as Michael Osanloo, the former President and CEO, has departed from the company, with Mr. Miles succeeding him.

The Board of Directors has already set up a Search Committee, which includes Directors Paulette Dodson, G.J. Hart, Eugene (Gene) I. Lee, Jr., and Michael A. Miles, Jr., to identify the next CEO. The Committee will be supported by a leading executive search firm to conduct a comprehensive search process.

Mr. Miles brings 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. He has been the Chairman of the Board at Portillo’s since 2014 and previously served as the Interim CEO from 2014 to 2015.

The company expressed gratitude to Mr. Osanloo for his leadership over the past seven years and his role in guiding the company through its IPO and expansion to new markets. Mr. Miles stated that the Portillo’s brand resonates deeply with their guests but acknowledged that recent performance has not met expectations, leading to the decision for a leadership transition.

During this transition period, Mr. Lee has been appointed as the Lead Independent Director. He brings significant experience, having served as CEO at Darden Restaurants from 2015 to 2022 and as Chairman of the Darden Board from 2021 to 2023.

Portillo’s, known for its menu of Chicago-style favorites and with more than 90 restaurants across 10 states, operates a company-owned model of restaurants that cater to dine-in, drive-thru, takeout, and delivery experiences. The company aims to continue delivering a one-of-a-kind experience for both new and loyal Portillo’s guests while growing shareholder value.

As a result of these announcements, the company's shares have moved -3.31% on the market, and are now trading at a price of $6.275. If you want to know more, read the company's complete 8-K report here.

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