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Portillo’s Names Pamela Smith Interim CFO Amid Transition
Portillo’s appoints Pamela Smith interim CFO and principal accounting officer, outlining contract terms, search timeline, and growth plans amid a tight CFO talent market.
Photo by Louis Hansel
Interim CFO Appointment And Context
Portillo’s Inc. appointed Pamela Smith interim chief financial officer and principal accounting officer on May 20, 2026. The board formalized the move in a Current Report on Form 8-K, consolidating financial stewardship and accounting governance under one interim leader. The seat opened when Michelle Hook left the company, then was named CFO of Shake Shack effective May 11, 2026. According to Portillo’s first-quarter 2026 financial release, Hook’s departure became effective May 5, 2026.
The dual appointment is designed to keep reporting and planning cycles on pace and to sustain momentum during the handoff. That handoff arrives at a delicate moment for the company. As of March 29, 2026, Portillo’s operated 106 restaurants across eleven states, rising to 107 shortly thereafter. First-quarter revenue reached $182.6 million, up 3.5% year-over-year, while the company recorded a net loss of $0.5 million. Same-restaurant sales slipped 0.1% for the quarter, a small pullback that places a premium on steady finance leadership as the team works to support recovery and guide disciplined expansion toward eight additional units slated for fiscal 2026.
Contract Terms And Search Plan
Smith entered under an independent contractor agreement dated May 20. Compensation is set at $14,000 per week, subject to proration for partial weekly periods, with reimbursement for reasonable travel expenses under company policy. Her scope combines the CFO role with principal accounting officer duties, clarifying accountability for external reporting and financial planning.
The board has engaged a global executive search firm to identify a permanent finance chief, with industry analysis pointing to a typical 12 to 18 week runway from kickoff to offer. Concentrating responsibilities in a single interim executive reduces handover complexity and supports governance transparency through SEC disclosures. Leadership signaled confidence in the bridge plan. “My first couple of months as CEO of Portillo’s have been productive and encouraging, and our team is making progress in identifying the priorities that will drive our growth strategy,” said Brett Patterson, President and Chief Executive Officer of Portillo’s.
Leadership Signals And Sector Trend
Across the table, “We are thrilled to welcome Michelle to the Shake Shack team,” said Rob Lynch, Chief Executive Officer of Shake Shack, noting her deep restaurant industry expertise and public company experience as assets for the burger and shake chain’s next phase of growth. Portillo’s said the immediate installation of an experienced interim leader is intended to minimize coordination risk and maintain stakeholder confidence during the transition. The approach mirrors a broader trend.
The restaurant sector faces a pronounced shortage of seasoned CFO talent, with firms reporting that financial leadership roles are often a structural constraint on growth and transformation, according to Wray Executive Search. That shortage is most acute during expansion or transition, since candidates must pair industry expertise with public company experience. Portillo’s use of an interim specialist, coupled with an external search partner, tracks with recommendations to protect enterprise value during C-suite turnover.
Governance Details And Outlook
The 8-K filed on May 20 sets a defined end date for Smith’s engagement of July 1, 2026, unless terminated earlier or extended by mutual agreement, and outlines independent contractor terms that differentiate the arrangement from a traditional employment agreement. The filing also notes that Exhibit 99.1 shall not be deemed filed for certain purposes under Section 18 of the Exchange Act. Questions still hang over timing. Industry benchmarks point to 12 to 18 weeks for a CFO search, while recent data show some searches averaging nearly 28 weeks, or 198 days, which can erode EBITDA momentum.
The board must define the candidate profile precisely to avoid mid-search pivots that prolong hiring and introduce integration risk, and stakeholders will watch for any impact if Smith’s dual duties stretch her capacity too thin. Portillo’s has set targets to open eight new units in fiscal 2026, including a second in-line location in Chicago, underscoring the need for robust finance leadership to support sustainable expansion, optimize capital allocation, and drive profitability improvements. The successful appointment of a permanent CFO will be critical to maintaining investor confidence and advancing the company’s long-term plan, while Smith’s interim stewardship provides a stable bridge and signals commitment to transparent governance in the months ahead.