Fast-casual restaurant concept Portillo’s has named its board chairman Michael Miles Jr as interim CEO with immediate effect.
Miles replaces Michael Osanloo, who has left the company as president and CEO and stepped down from the board of directors.
Osanloo said: "Leading Portillo's has been one of the great honours of my career. I am so thankful to my leadership team and all our team members whose hard work and heart make this brand iconic."
Osanloo will assist with the handover as a special adviser to Miles and the board for 90 days.
“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 [initial public offering] and expansion to new markets,” said Miles.
To facilitate the search for a new, permanent CEO, Portillo's b has formed a search committee consisting of directors Paulette Dodson, GJ Hart, Eugene I Lee Jr and Michael Miles Jr.
They will work alongside an executive search company to identify a suitable candidate.
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.”
Miles, who began his career at Bain & Co, possesses leadership expertise across the retail and restaurant sectors. He was formerly president and chief operating officer (COO) of Staples and COO of Pizza Hut within Yum! Brands.
Since 2014, he has been chairman of Portillo’s board and acted as interim CEO from 2014 to 2015.
During this period of transition, Eugene Lee Jr has been appointed by the board to serve as the lead independent director.
Lee's experience includes his tenure as CEO of Darden Restaurants from 2015 to 2022 and as chairman of the Darden board from 2021 to 2023.
Portillo’s now operates 90 outlets across ten US states. The chain is known for its Italian beef sandwiches, char‑grilled burgers, Chicago‑style hot dogs, salads and chocolate cake.
