Portillo’s CEO Michael Osanloo has stepped down, amid flagging business at the restaurant chain known for chicago-style hot dogs and Italian Beef Sandwiches, the Company announed on Monday.
Michael Miles Jr., Portillo’s Board Chairman, was apprinted interim ceo while the Company Conducts a search for its next head.
“On Behalf of the full board, I want to say Michael for his leadership over the last seven years and the role he played in Guiding the Company Through itpo and Expansion to New Markets, ‘Miles Said in a News 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 Agree, that is the right time for a leadership transition.”
Miles Previously Served As Chief Operating Office of Staples and Chief Operating Office of Pizza Hut, Owow by Yum! Brands. He has served as chairman of the Board at Portilo’s Since 2014.
During the Leadership Transition, Osanloo Will Serve As Special Adviser to Miles and the Board Over The Next 90 Days.
“LEADING PORTILLO’S HAS BEEN ONE OF THE GREAT HONORS OF MY CAREER. I am so thankful to my leadership team and all our members whose hard work and heart this brand iconic,” Osanloo Said.
Osanloo Became Portillo’s CEO in 2018, after serving as CEO of PF Chang’s China Bistro. He has Also been an Executive Vice President at Kraft Heinz.
He helped take the OAK Brook-Based Company Public in 2021 and Raised $ 405 million in itpo.
In august, osanloo ciped “A Tough Traffic ENVIRONMENT IN The Second Quarter” in Portilo’s Quarterly Earnings Report.
In a news release earlier this month, portilo’s announched a “Strategic reset” and Lowered ited its Targets for the year to “reflect an anticipated decline of Current trends for 2025 Given pricing and promotional dynamics with the industry.”
The Company Lowered Targets for New Restaurant Openings from 12 to the Fiscal Year 2026. Its Expansion is Focused on the Sunbelt with Continue Expanding in Texas, Including Its First Airport International AirPort.
Portilo’s Also announched This Month That It Wauld End Its Breakfast Pilot Program, Launched This Spring to “Simplify Operations.”
In 2023, Workers at A Portilo’s Food Production Center in Addison Voted to Unionize and Become Members of the Iron Workers Union. Workers at Portillo’s Food Service Prepare and Delive Food to the Chain’s Chicago-Earea Restaurants.
Workers, as an Independent Group, Agitated for Higher Wages and Safer Conditions in 2021, a Campaign that Included A Brief Strike.
Portilo’s was founded in 1963 by dick portilo in villa park and has grown a small hot dog trailer to more than 90 Restaurants Across 10 States.
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