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Portillo’s Prepares to Update its C-Suite

Chicago-based restaurant chain Portillo’s is in need of a new chief executive officer following the resignation of Michael Osanloo. Michael Miles, a member of the chain’s board of directors, will serve as Portillo’s CEO on an interim basis while the company conducts a search for Osanloo’s successor.

Miles is no stranger to Portillo’s or the restaurant industry. His background includes serving as president and chief operating officer of Staples and chief operating officer of Pizza Hut. Miles has served as chairman of the board at Portillo’s since 2014 and was interim chief executive officer from 2014 to 2015.

In a related move, Gene Lee was appointed a lead independent director on Portillo’s board of directors. Lee previously served as CEO for Darden Restaurants from 2015 to 2022 and as chairman of the Darden board from 2021 to 2023.

Osanloo joined Portilio’s in 2018 and during his tenure helped make the fast-casual chain a publicly traded company and take it into new geographic markets. Today, the chain has more than 90 restaurants spread across 10 states. Osanloo’s departure comes as Portillo’s “recent performance has not measured up to expectations,” Miles said in a release announcing this transition.

Earlier this month Portillo’s updated its financial projections and growth plans. Specifically, the chain reduced the number of units it plans to open in 2025 to eight from 12. The chain now projects its same-store restaurant sales to decline 1% to 1.5% instead. Previous projections called for same-store sales to increase 1% to 3% in 2025.