Portillo’s Announces Leadership Transition
Portillo's (NASDAQ: PTLO) announced an immediate leadership transition, with Board Chairman Michael A. Miles, Jr. appointed as Interim CEO, replacing Michael Osanloo who has departed as President and CEO. Miles brings significant industry experience, having previously served as President and COO of Staples and COO of Pizza Hut.
The company has formed a Search Committee to identify a permanent CEO, while Eugene I. Lee, Jr. has been appointed as Lead Independent Director. Osanloo will remain as Special Advisor for 90 days to support the transition. The change comes as the Board acknowledges that recent company performance has not met expectations.
Portillo's (NASDAQ: PTLO) ha annunciato un rapido cambiamento di leadership, con il presidente del consiglio Michael A. Miles, Jr. nominato Amministratore Delegato ad interim, in sostituzione di Michael Osanloo che ha lasciato l'incarico di Presidente e CEO. Miles porta una notevole esperienza nel settore, avendo in passato ricoperto il ruolo di Presidente e COO di Staples e COO di Pizza Hut. L'azienda ha istituito un Comitato Ricerca per individuare un CEO permanente, mentre Eugene I. Lee, Jr. è stato nominato Lead Independent Director. Osanloo rimarrà come Consulente Speciale per 90 giorni per supportare la transizione. Il cambio arriva poiché il Consiglio riconosce che le ultime performance della società non hanno soddisfatto le aspettative.
Portillo's (NASDAQ: PTLO) anunció una transición inmediata de liderazgo, con el presidente de la junta, Michael A. Miles, Jr., designado como CEO interino, en sustitución de Michael Osanloo, que ha dejado el cargo de Presidente y CEO. Miles aporta una considerable experiencia en la industria, habiendo sido previamente Presidente y COO de Staples y COO de Pizza Hut. La empresa ha formado un Comité de Búsqueda para identificar a un CEO permanente, mientras que Eugene I. Lee, Jr. ha sido nombrado Director Independiente Principal. Osanloo permanecerá como Asesor Especial durante 90 días para apoyar la transición. El cambio se produce porque la Junta reconoce que el rendimiento reciente de la empresa no ha alcanzado las expectativas.
Portillo's(NASDAQ: PTLO)는 즉각적인 리더십 전환을 발표했으며, 이사회 의장인 Michael A. Miles, Jr.가 임시 CEO로 임명되어 Michael Osanloo가 사장 겸 CEO 직에서 물러났습니다. Miles는 Staples의 회장 겸 COO, Pizza Hut의 COO 등 업계에서 다년간의 풍부한 경력을 보유하고 있습니다. 회사는 영구 CEO를 찾기 위한 검색 위원회를 구성했으며, Eugene I. Lee, Jr.가 Lead Independent Director로 임명되었습니다. Osanloo는 전환기를 지원하기 위해 90일 동안 특별 고문으로 남을 것입니다. 이 변화는 이사회가 최근 회사의 실적이 기대에 미치지 못했다는 점을 인정하면서 이루어졌습니다.
Portillo's (NASDAQ: PTLO) a annoncé une transition immédiate de la direction, le président du conseil d'administration Michael A. Miles, Jr. étant nommé PDG par intérim, en remplacement de Michael Osanloo qui a quitté son poste de Président-directeur général. Miles apporte une expérience significative dans le secteur, ayant auparavant été Président et COO de Staples et COO de Pizza Hut. L'entreprise a constitué un Comité de recherche pour identifier un PDG permanent, tandis que Eugene I. Lee, Jr. a été nommé Directeur Indépendant Principal. Osanloo restera Conseiller Spécial pendant 90 jours pour soutenir la transition. Ce changement survient alors que le Conseil reconnaît que les performances récentes de l'entreprise n'ont pas répondu aux attentes.
Portillo's (NASDAQ: PTLO) hat eine sofortige Führungstransition angekündigt, wobei der Aufsichtsratsvorsitzende Michael A. Miles, Jr. als Interims-CEO ernannt wurde und damit Michael Osanloo, der als Präsident und CEO ausgeschieden ist, ersetzt. Miles bringt beträchtliche Branchenerfahrung mit, nachdem er zuvor Präsident und COO von Staples sowie COO von Pizza Hut war. Das Unternehmen hat einen Suchausschuss eingerichtet, um einen festen CEO zu identifizieren, während Eugene I. Lee, Jr. zum Lead Independent Director ernannt wurde. Osanloo wird für 90 Tage als Sonderberater bleiben, um den Übergang zu unterstützen. Die Veränderung erfolgt, weil der Vorstand anerkennt, dass die jüngsten Leistungen des Unternehmens die Erwartungen nicht erfüllt haben.
أعلنت Portillo's (NASDAQ: PTLO) عن انتقال قيادي فوري، حيث تم تعيين مايكل أ. مايلز جونيور رئيس مجلس الإدارة كنائب مدير تنفيذي مؤقت، ليحل محل مايكل أوسانلو الذي يغادر منصب الرئيس التنفيذي. يجلب مايلز خبرة واسعة في الصناعة، حيث شغل سابقًا منصب الرئيس والـ COO لشركة Staples وCOO لدى Pizza Hut. قامت الشركة بتشكيل لجنة البحث لتحديد مدير تنفيذي دائم، بينما تم تعيين يوجين I. لي، جونيور كمدير مستقل رئيسي. سيبقى أوسانلو كمستشار خاص لمدة 90 يومًا لدعم الانتقال. يأتي التغيير مع اعتراف المجلس بأن أداء الشركة في الآونة الأخيرة لم يلبِ التوقعات.
Portillo's（纳斯达克股票代码：PTLO）宣布立即进行领导层过渡，董事会主席 Michael A. Miles, Jr. 被任命为临时首席执行官，接替离任的总统兼首席执行官 Michael Osanloo。Miles 拥有丰富的行业经验，曾任 Staples 的总裁兼首席运营官以及 Pizza Hut 的 COO。公司已设立一个 寻求委员会，以寻找永久首席执行官；同时 Eugene I. Lee, Jr. 被任命为首席独立董事。Osanloo 将以特别顾问身份留任 90 天以支持过渡。此变动表明董事会承认公司近期的业绩未达到预期。
- Interim CEO Michael A. Miles Jr. brings extensive restaurant and retail industry experience
- Structured transition plan with 90-day advisory period from departing CEO
- Formation of dedicated Search Committee with experienced industry leaders
- Company performance has not met expectations according to Board statement
- Sudden departure of CEO indicates potential operational challenges
- Uncertainty period during search for permanent CEO
Board Chairman Michael A. Miles, Jr. Appointed as Interim CEO, Effective Immediately
Eugene (Gene) I. Lee, Jr. Appointed as Lead Independent Director
CHICAGO, Sept. 22, 2025 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced that its Board of Directors has appointed Chairman of the Board Michael A. Miles, Jr., as Interim Chief Executive Officer (CEO), effective immediately. Mr. Miles succeeds Michael Osanloo, who has departed the Company as President and CEO and as a member of the Board of Directors. Mr. Osanloo will support the transition as a Special Advisor to Mr. Miles and the Board over the next 90 days.
The Board of Directors has established a Search Committee, comprised of Directors Paulette Dodson, G.J. Hart, Eugene (Gene) I. Lee, Jr., and Michael A. Miles, Jr., and will be assisted by a leading executive search firm in conducting a comprehensive search process to identify the Company’s next CEO.
Mr. Miles brings extensive leadership experience in the retail and restaurant industries. He previously served as President and Chief Operating Officer of Staples and Chief Operating Officer of Pizza Hut with Yum! Brands, after beginning his career at Bain & Co. He has served as Chairman of the Board at Portillo’s since 2014 and was Interim Chief Executive Officer from 2014 to 2015.
“On behalf of the full Board, I want to thank Michael for his leadership over the last seven years and the role he played in guiding the company through its IPO and expansion to new markets,” said Mr. Miles. “The Portillo’s brand resonates deeply with our guests, but our recent performance has not measured up to expectations. After careful consideration, the Board believes, and Michael agrees, that now is the right time for a leadership transition. We are grateful to Michael for his many contributions to the business and wish him all the best in his future endeavors.”
Mr. Miles continued, "I look forward to working with the leadership team and Board while we conduct our search to help grow shareholder value while continuing to deliver a one-of-a-kind experience for both new and loyal Portillo’s guests.”
Mr. Osanloo commented, "Leading Portillo's has been one of the great honors of my career. I am so thankful to my leadership team and all our team members whose hard work and heart make this brand iconic. Together, we achieved so much, and I will always carry immense pride in having been part of the Portillo's family."
Mr. Lee has been appointed by the Board to serve as Lead Independent Director during this transition period. Mr. Lee served as CEO at Darden Restaurants from 2015 to 2022 and as Chairman of the Darden Board from 2021 to 2023.
About Portillo’s
Portillo’s (NASDAQ: PTLO) is a one-of-a-kind brand that has grown from a small hot dog trailer in Chicago to more than 90 restaurants across 10 states. Known for its unique menu of craveable Italian beef sandwiches, Chicago-style hot dogs, char-grilled burgers, fresh salads and iconic chocolate cake, Portillo’s is beloved in both its home of Chicagoland and across new and growing markets. Portillo’s operates a company-owned model of not just restaurants – but experience-focused destinations that blend dine-in, drive-thru, takeout and delivery to serve our guests with the food they crave. And now, after six decades of success and counting, Portillo’s is on a mission to bring its iconic food and unforgettable dining experience to guests across the country.
Investor Contact:
Chris Brandon, Vice President of Investor Relations
312.931.5578
cbrandon@portillos.com
Media Contact:
Sara Wirth, Director of PR & Communications
press@portillos.com
FAQ
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