Portillo’s CEO Michael Osanloo exits company

Core Points - Portillo's has announced the resignation of president and CEO Michael Osanloo, effective immediately, with board chair Michael A. Miles Jr. appointed as interim CEO during the search for a new chief executive [1] - Osanloo led Portillo's since October 2018, overseeing its IPO in 2021 and expansion to 96 locations, expressing pride in his tenure and commitment to the brand [2] - Miles has been chairman of the board for 11 years and has a background in leadership roles at Berkshire Partners, Western Union, Staples, and Pizza Hut [3] - The board acknowledged Osanloo's contributions but noted that recent performance has not met expectations, prompting the leadership transition [4] - Portillo's recently lowered its full-year sales expectations and reported a decline in transactions for the second quarter, indicating a shift to a more measured pace of new restaurant growth [4]