Portillo's Inc. Announces Director Departure and Appointments
Ticker: PTLO · Form: 8-K · Filed: Dec 2, 2024 · CIK: 1871509
| Field | Detail |
|---|---|
| Company | Portillo'S Inc. (PTLO) |
| Form Type | 8-K |
| Filed Date | Dec 2, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $465,000.00, $200,000, $110,000, $650,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-departure, board-changes, officer-appointment, compensation
Related Tickers: PTLO
TL;DR
Portillo's board shake-up: Smith out, new directors in, comp plans updated.
AI Summary
Portillo's Inc. announced on December 2, 2024, the departure of director Michael J. R. Smith. The company also appointed new directors, including Michael J. R. Smith, who will serve on the compensation committee, and elected new officers. Additionally, the filing details compensatory arrangements for certain officers.
Why It Matters
Changes in board composition and officer appointments can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Director departures and new appointments, especially when coupled with changes in compensatory arrangements, can introduce uncertainty regarding future strategic direction and executive leadership.
Key Players & Entities
- Portillo's Inc. (company) — Registrant
- Michael J. R. Smith (person) — Departing Director and Appointed Director
- December 2, 2024 (date) — Date of Report
FAQ
Who has departed from the board of directors at Portillo's Inc.?
Michael J. R. Smith has departed from the board of directors at Portillo's Inc.
When was this Form 8-K filed?
This Form 8-K was filed on December 2, 2024.
What are the key items reported in this 8-K filing?
The key items reported are the departure of a director, election of directors, appointment of officers, and details on compensatory arrangements for certain officers.
What is the state of incorporation for Portillo's Inc.?
Portillo's Inc. is incorporated in Delaware.
What is the principal executive office address for Portillo's Inc.?
The principal executive office address is 2001 Spring Road, Suite 400, Oak Brook, Illinois 60523.
Filing Stats: 896 words · 4 min read · ~3 pages · Grade level 11.2 · Accepted 2024-12-02 16:11:50
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value per share PTLO Nasdaq Global
- $465,000.00 — ill be eligible for: (1) base salary of $465,000.00 per year; (2) discretionary annual bonu
- $200,000 — stricted Stock Units ("RSUs") valued at $200,000 under the 2021 Equity Incentive Plan, s
- $110,000 — period; (4) a one-time equity award of $110,000 in RSUs and $110,000 of Performance Res
- $650,000 — annual Long-Term Equity Plan target of $650,000, of which 50% is comprised of RSUs and
Filing Documents
- ptlo-20241202.htm (8-K) — 27KB
- exhibit991-pressreleaseoft.htm (EX-99.1) — 7KB
- image_0.jpg (GRAPHIC) — 101KB
- ptlo-20241202_g1.jpg (GRAPHIC) — 9KB
- 0001871509-24-000143.txt ( ) — 325KB
- ptlo-20241202.xsd (EX-101.SCH) — 2KB
- ptlo-20241202_lab.xml (EX-101.LAB) — 22KB
- ptlo-20241202_pre.xml (EX-101.PRE) — 13KB
- ptlo-20241202_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On December 2, 2024, the Company issued a press release relating to Mr. Darden's appointment, which release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press release of the Registrant, dated December 2, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized. Portillo's Inc. (Registrant) Date: December 2, 2024 By: /s/ Michelle Hook Michelle Hook Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)