Portillo’s names Brett Patterson as CEO
Portillo’s, the restaurant chain known for Chicago-style hot dogs and Italian beef sandwiches, named Brett Patterson as CEO and president, effective Feb. 23, on Wednesday.
Patterson’s appointment comes after Portillo’s announced in September that former CEO Michael Osanloo would step down amid flagging business at the Oak Brook-based fast casual restaurant chain.
Patterson was most recently CEO of Miller’s Ale House, a sports-themed casual dining chain with more than 100 locations in 10 states, according to its website. He was previously president of Outback Steakhouse and has served as president of Ruby Tuesday and an executive at Darden Restaurants, according to a securities filing.
As CEO, Patterson will lead Portillo’s overall strategy, “with a focus on market positioning, new restaurant growth and operational excellence,” a news release said. He will also join the company’s board of directors.
“This is a tremendous brand with a powerful culture, an incredibly passionate fan base, a long runway for growth and a team that truly cares about delivering great experiences,” Patterson said in a news release.
Patterson “brings the strategic mindset, operations expertise and leadership style needed to grow this brand, while preserving what makes Portillo’s so special and unique,” Michael Miles Jr., chairman of Portillo’s board, said in a news release.
In September, Portillo’s announced a “strategic reset” and lowered its financial targets for the year to “reflect an anticipated decline of current trends for the remainder of 2025 given pricing and promotional dynamics within the industry.”
Portillo’s most recent earnings report from third quarter 2025 reflected sluggish sales. Operating income was $5.4 million, down 66% from $16 million, compared to the same quarter last year. Net income was $0.8 million, a 91.1% decline from $8.8 million.
Osanloo helped take Portillo’s public in 2021 and raised $405 million in its IPO. But the company has since scaled back its ambitious plans for a national expansion.
Last year, it lowered targets for new restaurant openings from 12 to eight for the fiscal year 2026.
Meanwhile, in 2024, hedge fund Engaged Capital took a 9.9% stake in Portillo’s to push for changes. The California-based activist fund said it aimed to “unlock the intrinsic value” of the company. That could include “optimizing restaurant performance, improving restaurant-level cash on cash returns, enhancing corporate governance (including through potential changes to the composition of the Board) and/or exploring a sale,” Engaged said in a securities filing.
In 2023, workers at a Portillo’s food production center in Addison voted to unionize and become members of the Iron Workers Union. The employees prepare and deliver food to the chain’s Chicago-area restaurants. They agitated for higher wages and safer conditions in 2021, a campaign that included a brief strike.
Portillo’s was founded in 1963 by Dick Portillo in Villa Park and has grown from a small hot dog trailer to more than 90 restaurants across 10 states.