Chicago-based restaurant chain Portillo’s is announcing the resignation of president and CEO Michael Osanloo - who's led the company since 2018.
The word comes as comes as activist investor California-based Engaged Capital iturns up its pressure on the company.
Michael A. Miles, Junior - Portillo's chairman of the board, is taking over as acting CEO.
Portillo's says Osanloo will remain an adviser over the next three months.
Dick Portillo launched the chain in 1963 - and sold it to private-equity firm Berkshire Partners for a billion dollars in 2014. The company went public in 2022.