Portillo’s Names Interim CEO, Launches Candidate Search

Michael A. Miles Jr. is stepping in as the interim chief executive officer at Portillo’s, effective immediately.

Miles, chairman of the brand’s Board of Directors, succeeds Michael Osanloo. Osanloo, president and CEO since 2018, will support the transition as a special advisor to Miles and the board for the next 90 days.

Miles previously served as president and COO of Staples and COO 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 interim CEO from 2014 to 2015.

“After careful consideration, the board believes, and Michael agrees, that now is the right time for a leadership transition.”

“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,” Miles says in a release. “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.”

Eugene I. Lee Jr, who joined the board this past June, also has been appointed to serve as lead independent director during this transition period. Lee served as CEO at Darden Restaurants from 2015 to 2022 and as chairman of the Darden board from 2021 to 2023.