Former Darden CEO Eugene Lee joins Portillo’s board of directors

CHICAGO - Portillo’s (NASDAQ: PTLO), the Chicago-style fast-casual restaurant chain, announced Monday the appointment of Eugene I. Lee, Jr. to its Board of Directors, effective immediately. The company, which has seen its stock surge over 27% in the past six months and generates annual revenues of $721 million, continues to strengthen its leadership team.

Lee previously served as CEO of Darden Restaurants from 2015 to 2022 and as Chairman of Darden’s Board from 2021 to 2023. During his tenure at Darden, the company’s revenues grew by more than $2 billion and its market capitalization nearly tripled to $20 billion. According to InvestingPro data, Portillo’s shows promising growth potential with analysts predicting continued profitability this year, though detailed analysis reveals 8 additional key insights available to subscribers.

Before becoming CEO, Lee joined Darden in 2007 through the acquisition of RARE Hospitality International, where he had held various leadership positions including President and COO.

"I’m honored to join an iconic brand like Portillo’s," Lee said in a statement included in the company’s press release.

The appointment aligns with Portillo’s previously announced cooperation agreement and has received support from Engaged Capital, LLC.

"Gene is one of the best operators in the restaurant industry," said Glenn W. Welling, Founder and CIO of Engaged Capital, according to the press release.

Lee received the Gold Plate Award for industry excellence from the International Foodservice Manufacturers Association in 2018. He currently serves as the Independent Board Chair for Advance Auto Parts.

Portillo’s operates more than 90 restaurants across 10 states, specializing in Chicago-style hot dogs, Italian beef sandwiches, and other menu items. The company maintains a market capitalization of $733 million and trades at a P/E ratio of 29.4, reflecting investor confidence in its growth trajectory. Detailed financial analysis and Fair Value estimates are available in the comprehensive Pro Research Report on InvestingPro.

In other recent news, Portillo’s Inc. reported its first-quarter 2025 earnings, revealing revenues of $176.4 million, which fell short of the forecasted $181.01 million, though the company did meet its earnings per share (EPS) forecast of $0.05. Despite the revenue miss, Portillo’s experienced a 6.4% year-over-year revenue increase and a 1.8% rise in same-restaurant sales, with an average check growth of 4.9%. The company plans to open 12 new restaurants in 2025, aiming for a 10-12% increase in total revenue, while expanding its loyalty program and testing new restaurant formats. In a separate development, Portillo’s shareholders voted on key issues at the 2025 Annual Meeting, including the election of directors and executive compensation, with all proposals receiving significant affirmative votes. Meanwhile, Stifel analysts reiterated a Buy rating on Portillo’s stock with a price target of $17.00, expressing optimism about the company’s future performance despite first-quarter sales at new locations falling short of expectations. Stifel highlighted Portillo’s strategic initiatives to drive customer traffic and improve same-restaurant sales, particularly in the Chicagoland area. Additionally, the company is working on reducing construction costs for new restaurants as part of its long-term expansion strategy.

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