Engaged Capital Reaffirms Board Engagement with Portillo's Inc (PTLO) Under Cooperation Agreement

Market Cap: $442 million| Portillo's Inc. owns and operates fast casual restaurants in the United States. 

• On August 15, 2024, Engaged Capital (9.9%) announced its ongoing communication with the Board and management to unlock the business's intrinsic value. This includes optimizing restaurant performance, improving cash returns at the restaurant level, enhancing corporate governance, and possibly exploring a company sale. Source
• On February 28, 2025, Engaged Capital stated its belief that the company and its stockholders would benefit from adding directors with recent restaurant operations and marketing expertise. They plan to nominate such candidates for election to the Board at the upcoming annual meeting. Source
• On March 3, 2025, Engaged Capital (8.6%) nominated two independent candidates, Charlie Morrison and Nicole Portwood, for election to the Board at the 2025 Annual Meeting. Morrison, former CEO of Wingstop, delivered a ~760% return for shareholders, while Portwood, a former CMO of Tito’s Handmade Vodka, brings extensive marketing expertise. Source
• On April 28, 2025, Engaged Capital entered into a Cooperation Agreement with the company to appoint a new director possessing relevant restaurant industry experience following the company's 2025 Annual Meeting. Source
• On September 11, 2025, Engaged Capital (7%) engaged, and intend to continue to engage, in discussions with the Board in accordance with the terms of the Cooperation Agreement. Source