Portillo's Inc. announced a significant leadership transition, with Michael Osanloo departing as President and Chief Executive Officer and as a member of the Board of Directors, effective immediately. Michael A. Miles, Jr., the current Chairman of the Board, has been appointed Interim Chief Executive Officer.
Mr. Osanloo will support the transition as a Special Advisor to Mr. Miles and the Board over the next 90 days. The Board of Directors has established a Search Committee, comprised of Directors Paulette Dodson, G.J. Hart, Eugene I. Lee, Jr., and Michael A. Miles, Jr., to conduct a comprehensive search for the company's next CEO.
This leadership change follows a period of challenging financial performance and multiple downward revisions of the company's fiscal year guidance. The appointment of an interim CEO and the search for a permanent successor introduce a period of uncertainty regarding the company's future strategic direction and operational execution.
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