President Of Portillo's Resigns 'Effective Immediately'

CHICAGO, IL — Portillo's CEO Michael Osanloo has resigned effective immediately, the iconic Chicago chain announced Tuesday.

Osanloo served as president and CEO since October 2018 and oversaw the company through an initial public offering and an expansion to 96 locations. The company recently announced a strategic reset of its growth plans amid lowered revenue projections and a sinking stock price.

"Leading Portillo's has been one of the great honors 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. Together, we achieved so much, and I will always carry immense pride in having been part of the Portillo's family," Osanloo said in a statement.

Board of Directors Chairman and former Pizza Hut COO Michael A. Miles Jr. will serve as interim CEO as the company searches for its next CEO. Osanloo will serve as a special advisor to Miles over the next 90 days to support the transition.

“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," Miles said. "We are grateful to Michael for his many contributions to the business and wish him all the best in his future endeavors.”