CHICAGO - Portillo’s announced Monday that President and CEO Michael Osanloo is stepping down, effective immediately.

What we know:

Osanloo, who joined the company in 2018, resigned amid reports of investor pressure for changes and recently downgraded sales projections for the year.

"Leading Portillo's has been one of the great honors of my career," Osanloo said in a statement. "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."

The company has appointed Board Chairman Michael Miles Jr. as interim CEO while it searches for a permanent replacement. Miles has served on the board since 2014 and previously h

See Full Page