Portillo's CEO departs, interim replacement named
A Chicago-based fast-casual chain is on the hunt for a new chief executive.
Portillo’s, known for Chicago-style hot dogs, Italian beef sandwiches and more, said that Michael Osanloo, president, CEO and board member, has departed the company. The board has appointed chairman Michael A. Miles, Jr. as interim CEO, effective immediately. Osanloo will support the transition as a special advisor to Miles and the board over the next 90 days.
Osanloo had served as CEO of the chain since October 2018. Previously, he was the chief executive at P.F. Chang’s for more than three and a half years.
Miles several years of experience in the retail and restaurant industries. He has served as president and chief operating officer of Staples, and chief operating officer of Pizza Hut, after beginning his career at Bain & Co. He has served as chairman of the board at Portillo’s since 2014, and was previously interim CEO 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.”
[READ MORE: Portillo's offers 'Perks' with debut loyalty program]
The board of directors has established a search committee, comprised of directors Paulette Dodson, G.J. Hart, Eugene (Gene) I. Lee Jr., and Miles, and will be assisted by a leading executive search firm in conducting a comprehensive search process to identify the next CEO of Portillo’s.
Lee has been appointed by the board to serve as lead independent director during the transition period. He served as CEO at Darden Restaurants from 2015 to 2022 and as chairman of the Darden board of directors from 2021 to 2023.
"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,” said Miles.
Founded in 1963, Portillo’s operates more than 90 restaurants across 10 states.
