Portillo's Inc. appoints Michael A. Miles, Jr. as Interim CEO and Eugene I. Lee, Jr. as Lead Independent Director.
Quiver AI Summary
Portillo’s Inc. has appointed Michael A. Miles, Jr., the Board Chairman, as Interim CEO following the departure of Michael Osanloo, who served as President and CEO. Osanloo will assist with the transition for the next 90 days as a Special Advisor. The Board has formed a Search Committee, which includes Miles and Eugene I. Lee, Jr., to find a permanent CEO with the help of an executive search firm. Miles, who has extensive experience in the retail and restaurant sectors, previously held the Interim CEO position from 2014 to 2015. He expressed gratitude for Osanloo's contributions and emphasized the need for a leadership transition to enhance the company’s performance. Eugene I. Lee, Jr., has been named as Lead Independent Director during this period. Portillo’s, known for its Chicago-style menu, has over 90 locations and aims to expand further while delivering a unique dining experience.
Potential Positives
- Appointment of Michael A. Miles, Jr. as Interim CEO indicates strong internal leadership continuity, leveraging his extensive experience in retail and restaurant industries.
- The establishment of a Search Committee for a new CEO demonstrates proactive governance and commitment to finding a suitable leader to drive the company's future growth.
- Eugene (Gene) I. Lee, Jr.'s role as Lead Independent Director during the transition adds an experienced perspective from a former CEO of a major restaurant chain, which can enhance the Board's effectiveness.
Potential Negatives
- Michael Osanloo's departure as President and CEO suggests potential instability in leadership and may raise concerns among investors regarding the company's recent performance.
- The Board's acknowledgment that the company's recent performance has not met expectations may negatively impact investor confidence and public perception.
- The appointment of an Interim CEO implies a lack of continuity in leadership, which can create uncertainty about the company's strategic direction.
FAQ
Who is the newly appointed Interim CEO of Portillo's?
The Interim CEO of Portillo's is Michael A. Miles, Jr., who was appointed immediately by the Board of Directors.
What prompted the leadership transition at Portillo's?
The transition was prompted by recent performance issues that did not meet expectations, leading the Board to seek new leadership.
Who will assist Michael A. Miles during the transition?
Michael Osanloo, the former President and CEO, will assist as a Special Advisor for the next 90 days.
What experience does Michael A. Miles, Jr. bring to his role?
Michael A. Miles, Jr. has extensive leadership experience, having previously worked at Staples and Pizza Hut before leading Portillo's.
Who has been appointed as Lead Independent Director?
Eugene (Gene) I. Lee, Jr. has been appointed as Lead Independent Director during this leadership transition period.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PTLO Insider Trading Activity
$PTLO insiders have traded $PTLO stock on the open market 9 times in the past 6 months. Of those trades, 5 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $PTLO stock by insiders over the last 6 months:
- PARTNERS LLC BERKSHIRE has made 0 purchases and 4 sales selling 10,000,000 shares for an estimated $122,300,000.
- EUGENE I JR LEE purchased 130,250 shares for an estimated $1,000,320
- MICHELLE GREIG HOOK (CFO & Treasurer) purchased 40,000 shares for an estimated $306,800
- KELLY M KAISER (General Counsel and Secretary) purchased 27,000 shares for an estimated $207,360
- MICHAEL OSANLOO (President & CEO) has made 2 purchases buying 13,320 shares for an estimated $99,994 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PTLO Hedge Fund Activity
We have seen 103 institutional investors add shares of $PTLO stock to their portfolio, and 114 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BERKSHIRE PARTNERS LLC removed 2,709,535 shares (-72.2%) from their portfolio in Q2 2025, for an estimated $31,620,273
- CITADEL ADVISORS LLC added 1,857,672 shares (+790.7%) to their portfolio in Q2 2025, for an estimated $21,679,032
- WOODLINE PARTNERS LP added 1,774,763 shares (+235.9%) to their portfolio in Q2 2025, for an estimated $20,711,484
- NUVEEN, LLC removed 998,349 shares (-90.0%) from their portfolio in Q2 2025, for an estimated $11,650,732
- ALLIANCEBERNSTEIN L.P. added 830,460 shares (+16.8%) to their portfolio in Q2 2025, for an estimated $9,691,468
- GOLDMAN SACHS GROUP INC added 814,090 shares (+221.9%) to their portfolio in Q2 2025, for an estimated $9,500,430
- HODGES CAPITAL MANAGEMENT INC. removed 681,637 shares (-49.2%) from their portfolio in Q2 2025, for an estimated $7,954,703
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$PTLO Analyst Ratings
Wall Street analysts have issued reports on $PTLO in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- B of A Securities issued a "Buy" rating on 07/18/2025
- Piper Sandler issued a "Overweight" rating on 05/07/2025
To track analyst ratings and price targets for $PTLO, check out Quiver Quantitative's $PTLO forecast page.
$PTLO Price Targets
Multiple analysts have issued price targets for $PTLO recently. We have seen 7 analysts offer price targets for $PTLO in the last 6 months, with a median target of $10.0.
Here are some recent targets:
- Dennis Geiger from UBS set a target price of $7.5 on 09/15/2025
- David Tarantino from Baird set a target price of $7.0 on 09/11/2025
- Jim Salera from Stephens & Co. set a target price of $10.0 on 08/08/2025
- Brian Harbour from Morgan Stanley set a target price of $10.0 on 08/06/2025
- Sara Senatore from B of A Securities set a target price of $16.0 on 07/18/2025
- Gregory Francfort from Guggenheim set a target price of $17.0 on 07/08/2025
- Brian Mullan from Piper Sandler set a target price of $13.0 on 05/07/2025
Full Release
Board Chairman Michael A. Miles, Jr. Appointed as Interim CEO, Effective Immediately
Eugene (Gene) I. Lee, Jr. Appointed as Lead Independent Director
CHICAGO, Sept. 22, 2025 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced that its Board of Directors has appointed Chairman of the Board Michael A. Miles, Jr., as Interim Chief Executive Officer (CEO), effective immediately. Mr. Miles succeeds Michael Osanloo, who has departed the Company as President and CEO and as a member of the Board of Directors. 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 (Gene) I. Lee, Jr., and Michael A. Miles, Jr., and will be assisted by a leading executive search firm in conducting a comprehensive search process to identify the Company’s next CEO.
Mr. Miles brings extensive leadership experience in the retail and restaurant industries. He previously served as President and Chief Operating Officer of Staples and Chief Operating Officer of Pizza Hut with Yum! Brands, after beginning his career at Bain & Co. He has served as Chairman of the Board at Portillo’s since 2014 and was Interim Chief Executive Officer from 2014 to 2015.
“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,” said Mr. Miles. “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.”
Mr. Osanloo commented, "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."
Mr. Lee has been appointed by the Board to serve as Lead Independent Director during this transition period. Mr. Lee served as CEO at Darden Restaurants from 2015 to 2022 and as Chairman of the Darden Board from 2021 to 2023.
About Portillo’s
Portillo’s (NASDAQ: PTLO) is a one-of-a-kind brand that has grown from a small hot dog trailer in Chicago to more than 90 restaurants across 10 states. Known for its unique menu of craveable Italian beef sandwiches, Chicago-style hot dogs, char-grilled burgers, fresh salads and iconic chocolate cake, Portillo’s is beloved in both its home of Chicagoland and across new and growing markets. Portillo’s operates a company-owned model of not just restaurants – but experience-focused destinations that blend dine-in, drive-thru, takeout and delivery to serve our guests with the food they crave. And now, after six decades of success and counting, Portillo’s is on a mission to bring its iconic food and unforgettable dining experience to guests across the country.
Investor Contact:
Chris Brandon, Vice President of Investor Relations
312.931.5578
[email protected]
Media Contact:
Sara Wirth, Director of PR & Communications
[email protected]
