# EDGAR Filing Document

**Accession Number:** 0001871509
**File Stem:** 0001871509-25-000136
**Filing Date:** 2025-9
**Character Count:** 12356
**Document Hash:** 74a362e20a9dee10f570440f4d8179bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001871509-25-000136.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001871509-25-000136

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250921

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portillo's Inc.
- **CENTRAL INDEX KEY:** 0001871509
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 871104304
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40951
- **FILM NUMBER:** 251330443

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE PORTILLO RESTAURANT GROUP
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903
- **BUSINESS PHONE:** (630) 954-3773

**MAIL ADDRESS:**
- **STREET 1:** C/O THE PORTILLO RESTAURANT GROUP
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903

?xml version='1.0' encoding='ASCII'? ptlo-20250921

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**<br>

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 21, 2025

![logo.jpg](ptlo-20250921_g1.jpg)

**PORTILLO'S INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40951** | **87-1104304** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **2001 Spring Road, Suite 400, Oak Brook, Illinois 60523** | **2001 Spring Road, Suite 400, Oak Brook, Illinois 60523** | **2001 Spring Road, Suite 400, Oak Brook, Illinois 60523** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) |

---

**(630) 954-3773**

(Registrant's telephone number, including area code)

---

| |
|:---|
| **N/A** |
| (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Class A Common Stock, $0.01 par value per share | PTLO | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

***Departure of Michael Osanloo as President and Chief Executive Officer***

On September 22, 2025, the Board of Directors (the "Board") of Portillo's Inc. (the "Company") announced that Michael Osanloo will depart from his role as President and Chief Executive Officer of the Company, effective September 21, 2025. In connection with Mr. Osanloo's departure, and as required by his employment agreement, Mr. Osanloo was deemed to have resigned from the Board. The Board accepted Mr. Osanloo's deemed resignation from the Board and decreased the number of directors to eliminate the resulting vacancy.

The Board has initiated a process to identify the Company's next Chief Executive Officer and will be hiring a leading global executive search firm to assist in the Chief Executive Officer search process.

Mr. Osanloo's separation without cause entitles him to certain severance benefits pursuant to the Company's Senior Executive Severance Plan, conditioned upon his execution of a release agreement. The Company expects to enter into such a release agreement with Mr. Osanloo at a later date.

***Appointment of Michael A. Miles, Jr. as Interim Chief Executive Officer***

Michael A. Miles, Jr., age 63, was appointed by the Board as interim Chief Executive Officer of the Company, effective September 21, 2025. Mr. Miles serves as Chairman of the Board, where he has been a member since 2014. He served as interim CEO of the Company from 2014 to 2015.

Mr. Miles has been an Advisory Director with Berkshire Partners, a growth-oriented investor in private and public markets, since 2013. He is the former Chief Operating Officer and President of Staples, Inc., a $25 billion global office supplies retailer and distributor, and served as Chief Operating Officer of Pizza Hut for Yum! Brands. He began his career with Bain & Co. and PepsiCo. He also serves on the board of Western Union (NYSE: WU) where he sits on the governance and ESG committee and chairs the compensation committee.

There are no arrangements or understandings between Mr. Miles and any other persons pursuant to which he was selected as an officer of the Company. There are also no family relationships between Mr. Miles and any director or executive officer of the Company, and Mr. Miles does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

At the time of this filing, the Company and Mr. Miles have not finalized the compensation arrangements in connection with his appointment as interim CEO. The Company expects to disclose the compensatory arrangements by an amendment to this Form 8-K.

In connection with his appointment, Mr. Miles ceased to be a member of the Board's Compensation and Nominating and Corporate Governance Committees, effective September 21, 2025.

**Item 7.01. Regulation FD Disclosure**

On September 22, 2025, the Company issued a press release in connection with the departure of Mr. Osanloo and appointment of Mr. Miles as reported under Item 5.02 above. A copy of this press release is furnished as Exhibit 99.1 to this current report on Form 8-K and incorporated by reference.

Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit991pressrelease92225.htm)</u> | <u>[Press Release](exhibit991pressrelease92225.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Portillo's Inc.** |
| | | (Registrant) |
| Date: September 22, 2025 | By: | /s/ Michelle Hook |
|  |  | Michelle Hook |
|  |  | Chief Financial Officer and Treasurer<br>(Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.1

**FOR IMMEDIATE RELEASE**

**Portillo's Announces Leadership Transition**

*Board Chairman Michael A. Miles, Jr. Appointed as Interim CEO, Effective Immediately*

*Eugene (Gene) I. Lee, Jr. Appointed as Lead Independent Director*

**CHICAGO, September 22, 2025** -- 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 cbrandon@portillos.com

**Media Contact:** 

Sara Wirth, Director of PR & Communications

press@portillos.com

<br>