Portillo's Taps Industry Veteran as New CEO

Brett Patterson, with experience at Outback Steakhouse and Ruby Tuesday, takes the helm as Portillo's scales back expansion plans.

Published on Feb. 11, 2026

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Portillo's, the iconic Chicago-based restaurant chain, has named Brett Patterson as its new CEO. Patterson, an industry veteran who has held executive roles at Outback Steakhouse, Ruby Tuesday, and Olive Garden, will take over the reins on February 23rd. The move comes as Portillo's has recently scaled back its ambitious expansion plans amid sluggish sales and a sinking stock price.

Why it matters

Portillo's is a beloved Chicago institution, known for its Italian beef, hot dogs, and other classic Chicago-style offerings. The company's new leadership and strategic reset will be closely watched as it navigates challenges like activist investor pressure and the need to balance growth with profitability.

The details

Patterson, 57, will be paid a base salary of $800,000 per year as Portillo's CEO, as well as a one-time sign-on award of $400,000 in restricted stock units. He will also be eligible for an annual bonus and an annual long-term equity plan target of $3 million. Portillo's chairman Michael Miles praised Patterson's strategic mindset, operations expertise, and leadership style, saying he has the qualities needed to grow the brand while preserving what makes it unique.

  • Patterson will take over as Portillo's CEO on February 23, 2026.
  • Portillo's is scheduled to announce its fourth quarter and full-year earnings on February 24, 2026.

The players

Brett Patterson

An industry veteran who has held executive roles at Outback Steakhouse, Ruby Tuesday, and Olive Garden, and will now take over as CEO of Portillo's.

Michael Miles

The chairman and interim CEO of Portillo's, who praised Patterson's qualities to lead the company into its next chapter of growth.

Michael Osanloo

The former president and CEO of Portillo's, who departed the company in September 2025 amid disappointing sales and a scaled-back expansion plan.

Portillo's

The iconic Chicago-based restaurant chain known for its Italian beef, hot dogs, and other classic Chicago-style offerings.

Engaged Capital

An activist investor that has raised concerns about Portillo's flat sales and expensive restaurant buildouts.

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What they’re saying

“Brett has all the right qualities to lead Portillo's into its next chapter of growth. He 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, Chairman and Interim CEO of Portillo's (chicagotribune.com)

“I am incredibly excited and honored to join Portillo's. 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.”

— Brett Patterson (chicagotribune.com)

What’s next

Portillo's is scheduled to announce its fourth quarter and full-year earnings on February 24, 2026, which will provide more insight into the company's performance under its new leadership.

The takeaway

Portillo's is navigating a critical transition as it seeks to balance growth, profitability, and preserving the brand's unique identity. The appointment of industry veteran Brett Patterson as CEO signals the company's commitment to strategic leadership and operational expertise to guide it through this next chapter.