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.”

A hot dog, fries and soda arranged at a Portillo’s restaurant in Chicago, Illinois, US, on Tuesday, Sept. 27, 2022. (Christopher Dilts/Bloomberg via Getty Images)

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 held executive roles as president of Staples and CEO of Pizza Hut under YUM Brands. He began his career with Bain & Co. and PepsiCo, according to Portillo’s website.

“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 into new markets,” Miles said in a statement. “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.”

Osanloo will support the transition for the next 90 days in a special adviser role to Miles.

The backstory:

Portillo’s was founded in 1963 by Dick Portillo, who opened a small hot dog stand called The Dog House in west suburban Villa Park with $1,100.

The Chicago-style food chain now operates more than 90 restaurants across 10 states, known for its hot dogs, Italian beef sandwiches, burgers, salads and chocolate cake.