Portillo’s names interim CEO
Board Chairman Michael Miles Jr. serves as interim CEO.
Fast-casual hot dog concept Portillo’s announces that its board of directors has appointed Chairman of the Board Michael Miles Jr. as interim chief executive officer, effective immediately. Miles succeeds Michael Osanloo, who has departed the company as president and CEO and as a member of the board of directors. Osanloo will support the transition as a special advisor to Miles and the board over the first 90 days.
The board of directors has established a search committee, comprised of Directors Paulette Dodson, G.J. Hart, Eugene Lee Jr., and Miles Jr., and will be assisted by an 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 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."
Osanloo said, "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."
Lee has been appointed by the board to serve as lead independent director during this transition period. Lee served as CEO at Darden Restaurants from 2015–2022 and as chairman of the Darden Board from 2021–2023.
Source: Portillo's
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