Overview
- Michael Osanloo resigned as president, CEO and director effective immediately after seven years with the company.
- Chairman Michael A. Miles Jr. was appointed interim CEO, and Osanloo will advise for up to 90 days to support the transition.
- The board formed a CEO search committee of Paulette Dodson, G.J. Hart, Eugene I. Lee Jr. and Miles, with an external executive search firm engaged.
- Eugene I. Lee Jr. was named lead independent director to oversee governance during the transition.
- The change follows lowered guidance and a strategy shift that cut 2025 openings to eight, moved to smaller formats and ended a Chicago breakfast test, with an SEC filing stating the departure was without cause and will include severance.