Portillo’s Appoints Kevin Kalicak as Chief Financial Officer

Rhea-AI Summary

Portillo’s (NASDAQ: PTLO) appointed Kevin Kalicak as Chief Financial Officer and Treasurer, effective September 7, 2026. He will lead finance, including FP&A, accounting, investor relations, internal audit, tax, supply chain and other corporate financial functions.

Kalicak joins Portillo’s after more than 25 years at Darden Restaurants, most recently as Senior Vice President of Finance for Olive Garden, overseeing a brand with over 900 restaurants and $5 billion in annual sales. According to Portillo’s, he will receive a one-time RSU sign-on award valued at $825,000, based on the closing stock price on September 4, 2026. The RSUs will vest ratably over three years, subject to continued employment, and are being granted as an inducement award under Nasdaq Listing Rule 5635(c)(4).

Positive

• Experienced restaurant finance leader appointed CFO effective September 7, 2026
• 25+ years of experience at Darden Restaurants, including SVP Finance for Olive Garden
• $825,000 RSU sign-on award vests over three years, supporting executive retention

Negative

• $825,000 RSU inducement grant adds incremental equity-based compensation and potential dilution

Market Context

Director Eugene I. Lee Jr.’s 70,165-share purchase at $4.28 supplied a recent insider-alignment data...

Analysis

Director Eugene I. Lee Jr.’s 70,165-share purchase at $4.28 supplied a recent insider-alignment data point. Against this CFO appointment, the platform record also showed compressed margins and a net loss in the prior 10-Q.

Key Figures

CFO Effective Date: September 7, 2026 Restaurant Finance Experience: More than 25 years Olive Garden Restaurants: More than 900 restaurants +4 more

7 metrics

CFO Effective Date September 7, 2026 Kevin Kalicak appointment

Restaurant Finance Experience More than 25 years Darden Restaurants

Olive Garden Restaurants More than 900 restaurants Most recent finance leadership role

Olive Garden Annual Sales $5 billion Brand overseen in most recent role

Sign-on Award $825,000 Grant-date value of one-time RSU award

RSU Vesting Period Three years RSUs vest ratably subject to continued employment

Inducement Award Rule Nasdaq Listing Rule 5635(c)(4) Employment inducement award exception

Historical Context

5 past events · Latest: Jul 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	Earnings webcast notice	Neutral	+0.3%	Scheduled the Q2 2026 earnings release and webcast for August 5.
Jul 23	Executive chef appointment	Neutral	-3.0%	Appointed Christopher Hansen to lead culinary innovation and menu development.
Jul 15	Restaurant expansion plans	Positive	+1.6%	Announced plans for a smaller-format Wrigleyville restaurant in Chicago.
Jun 29	Product launch	Positive	+0.2%	Launched the limited-time Char’diniera Dog with Vienna Beef.
Jun 05	Restaurant expansion plans	Positive	+4.7%	Announced plans for a flagship Michigan Avenue restaurant in Chicago.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent PTLO news reactions were mostly positive, while an executive appointment was followed by a negative move.

Key Terms

rsus, nasdaq listing rule 5635(c)(4), inducement award

3 terms

rsus financial

"The RSUs vest ratably over three years"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

nasdaq listing rule 5635(c)(4) regulatory

"The award will be made in accordance with Nasdaq Listing Rule 5635(c)(4)"

NASDAQ Listing Rule 5635(c)(4) is a rule that requires a company to get approval from its shareholders before selling a large amount of its shares, usually over 20%. This helps protect investors by making sure the company doesn't flood the market with new shares without their say, which could lower the stock's value.

inducement award financial

"CFO Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)"

An inducement award is a special cash or equity payment given to a new hire—often an executive or key employee—outside the company’s regular pay plans to persuade them to join. Think of it like a signing bonus that can align the new person’s goals with shareholders but also represents a cost and can reduce existing owners’ percentage of the company, so investors watch these awards for their impact on ownership and future performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CHICAGO, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Portillo’s (NASDAQ: PTLO), the fast-casual restaurant concept known for serving Chicago-style favorites for more than 60 years, today announced the appointment of Kevin Kalicak as Chief Financial Officer and Treasurer, effective September 7, 2026.

Mr. Kalicak joins Portillo’s bringing decades of financial leadership within the restaurant industry, serving in various roles with Darden Restaurants for more than 25 years. As Chief Financial Officer of Portillo’s, he will oversee the company’s finance organization, including financial planning and analysis, accounting, investor relations, internal audit, tax, supply chain and other corporate financial functions.

“Kevin is a proven financial leader with deep restaurant industry expertise, a strong track record of driving profitable growth and a collaborative leadership style that aligns well with the direction of the Portillo’s brand,” said Brett Patterson, President and Chief Executive Officer of Portillo’s. “As we refine and execute our strategy, his experience leading high-performing finance organizations to support operational excellence and ultimately drive shareholder value will be instrumental as we strengthen our business and position Portillo’s for long-term growth.”

Most recently, Mr. Kalicak served as Senior Vice President of Finance for Olive Garden, where he was responsible for the financial leadership of a brand with more than 900 restaurants and $5 billion in annual sales. He has held several positions across various areas of brand finance, business analytics, enterprise finance and investor relations within Darden’s portfolio, bringing to Portillo’s his experience in driving company-owned operations while scaling an organization effectively.

“I’m honored to join Portillo’s at such an exciting point in the company’s journey,” said Mr. Kalicak. “Portillo’s is a beloved brand with a passionate team and strong foundation for future growth. I look forward to partnering with Brett, the leadership team and our restaurant teams to further strengthen the business and execute the long-term strategy to create value for our guests, team members and shareholders.”

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 100 restaurants across 11 states. Known for its unique menu of craveable Italian beef sandwiches, Chicago-style hot dogs, char-broiled 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 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.

Guests can join Portillo’s Perks, the brand’s loyalty program, at Portillos.com/perks to earn and redeem delicious rewards. Every visit brings fans closer to exclusive perks, badges and surprise offers. Fans can also download the Portillo’s App for iOS or Android or visit Portillo’s website to order ahead for pickup or delivery and get the best dill on these bun-believably delicious Chicago-style favorites and more. Plus, Portillo’s ships its craveworthy food to all 50 states via its website.

CFO Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Kevin Kalicak will join the Company as Chief Financial Officer, effective September 7, 2026. In connection with his appointment and pursuant to the terms of his employment agreement, on September 7, 2026, the Company will grant Mr. Kalicak a one-time sign-on award with a grant-date value of $825,000 based on the closing stock price on September 4, 2026. The RSUs vest ratably over three years, subject to Mr. Kalicak’s continued employment with the Company through each vesting date.

The RSU award was approved by the Compensation Committee of the Company’s Board of Directors and will be granted as an inducement material to Mr. Kalicak’s acceptance of employment with the Company. The award will be made in accordance with, and in reliance upon, the employment inducement award exception provided under Nasdaq Listing Rule 5635(c)(4).

Media Contact:
Sara Wirth
Director, PR & Communications
Press@portillos.com

Investor Contact:
Chris Brandon
VP, Investor Relations
cbrandon@portillos.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3008f44b-796b-4ce1-a2e4-1f07cbd4830b

FAQ

Who is the new CFO of Portillo’s (NASDAQ: PTLO) as of September 7, 2026?

Portillo’s appointed Kevin Kalicak as Chief Financial Officer and Treasurer, effective September 7, 2026. According to Portillo’s, he will oversee finance, accounting, investor relations, internal audit, tax, supply chain and other corporate financial functions for the growing restaurant brand.

What is Kevin Kalicak’s background before joining Portillo’s (PTLO) as CFO?

Kevin Kalicak spent more than 25 years at Darden Restaurants, most recently as Senior Vice President of Finance for Olive Garden. According to Portillo’s, he supported over 900 restaurants and about $5 billion in annual sales, holding roles across brand finance and investor relations.

When does Kevin Kalicak’s CFO role at Portillo’s (PTLO) become effective?

Kevin Kalicak’s role as Chief Financial Officer and Treasurer at Portillo’s becomes effective on September 7, 2026. According to Portillo’s, his appointment aligns with the company’s strategy to strengthen its finance organization and support long-term operational and growth objectives.

What inducement equity award will Portillo’s (PTLO) grant to new CFO Kevin Kalicak?

According to Portillo’s, Kevin Kalicak will receive a one-time RSU sign-on award valued at $825,000, based on the September 4, 2026 closing stock price. The restricted stock units vest ratably over three years, contingent on his continued employment with the company.

How do the RSUs granted to Portillo’s (PTLO) CFO Kevin Kalicak vest?

The RSUs for Kevin Kalicak’s one-time sign-on award vest ratably over three years. According to Portillo’s, each vesting installment is subject to his continued employment, and the award is structured as an employment inducement under Nasdaq Listing Rule 5635(c)(4).

Under which Nasdaq rule is Portillo’s (PTLO) CFO inducement grant structured?

Portillo’s structured Kevin Kalicak’s RSU inducement grant under Nasdaq Listing Rule 5635(c)(4). According to Portillo’s, the Compensation Committee approved the one-time $825,000 sign-on award as an employment inducement material to his acceptance of the CFO position.