secwatch.observer — SEC 8-K summary
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Issuer:     Portillo's Inc. (PTLO)
CIK:        0001871509
Form:       8-K
Filed at:   2025-09-22T23:59:59+00:00
Accession:  0001871509-25-000136
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Portillo's CEO Michael Osanloo departs; Chairman Miles named interim CEO effective Sept 21
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- Michael Osanloo out as President and CEO effective Sept 21, 2025; separation without cause entitles him to severance benefits.
- Board Chairman Michael A. Miles, Jr., age 63, appointed interim CEO; he previously served as interim CEO from 2014-2015.
- Board formed Search Committee (4 directors) and will hire executive search firm to identify permanent CEO.
- Eugene I. Lee (former Darden CEO) appointed Lead Independent Director; Osanloo will serve as Special Advisor for 90 days.
- Company says recent performance 'has not measured up to expectations' as reason for the leadership transition.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871509/000187150925000136/0001871509-25-000136-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871509/000187150925000136/ptlo-20250921.htm
  HTML page:      https://secwatch.observer/filing/0001871509-25-000136

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer