Portillo's Names New Interim CEO, Michael Miles, Effective Immediately.

Portillo's has announced a leadership transition, with Michael A. Miles, Jr. appointed as Interim CEO, effective immediately. Eugene I. Lee, Jr. will serve as Lead Independent Director. Michael Osanloo has departed as President and CEO and as a member of the Board of Directors, and will support the transition as a Special Advisor. A search committee has been established to find a permanent CEO.

CHICAGO, Sept. 22, 2025 — Portillo’s Inc. (NASDAQ: PTLO), the fast-casual restaurant chain known for its Chicago-style favorites, has announced a leadership transition. Michael A. Miles, Jr., the Chairman of the Board, has been appointed as Interim Chief Executive Officer (CEO), effective immediately. This move comes as Michael Osanloo, the former President and CEO, has departed the company to take on a new role as a Special Advisor for the next 90 days Portillo’s Announces Leadership Transition^[1].

Michael Osanloo's departure follows a period where the company's performance has not met expectations. The Board of Directors has acknowledged this and has decided to appoint Miles as the interim CEO to oversee the transition period Portillo’s Announces Leadership Transition^[1]. Miles brings extensive leadership experience in the retail and restaurant industries, having previously served as President and Chief Operating Officer of Staples and Chief Operating Officer of Pizza Hut with Yum! Brands Portillo’s Announces Leadership Transition^[1].

In addition to Miles' appointment, Eugene I. Lee, Jr. has been appointed as Lead Independent Director during this transition period Portillo’s Announces Leadership Transition^[1]. Lee served as CEO at Darden Restaurants from 2015 to 2022 and as Chairman of the Darden Board from 2021 to 2023. The Board has established a Search Committee, comprised of Directors Paulette Dodson, G.J. Hart, Eugene (Gene) Lee, Jr., and Michael A. Miles, Jr., to identify the Company’s next CEO Portillo’s Announces Leadership Transition^[1].

Miles expressed his gratitude for the opportunity to serve as Interim CEO and his commitment to working with the leadership team and Board to help grow shareholder value while continuing to deliver a one-of-a-kind experience for Portillo’s guests Portillo’s Announces Leadership Transition^[1]. Osanloo, in his farewell remarks, highlighted the achievements of the team and expressed pride in his time at Portillo's Portillo’s Announces Leadership Transition^[1].

Portillo’s operates a company-owned model of restaurants, blending dine-in, drive-thru, takeout, and delivery services to serve guests with its unique menu Portillo’s Announces Leadership Transition^[1]. The company has grown from a small hot dog trailer in Chicago to more than 90 restaurants across 10 states. Portillo’s is on a mission to bring its iconic food and dining experience to guests across the country Portillo’s Announces Leadership Transition^[1].

The leadership transition at Portillo’s comes as the company seeks to redefine its strategy and performance. Investors should closely monitor the search for a permanent CEO and the company's efforts to improve its financial performance.