Engaged Capital, which owns an 8.6% stake in Portillo's (PTLO), said Monday it has nominated two independent candidates for election to the restaurant company's board.
The investment advisor said that Portillo's performance "appears to be suffering due to outdated restaurant operations, ineffective marketing and lower than justified restaurant-level cash-on-cash returns."
The two candidates nominated were Charles Morrison, most recently CEO of Salad and Go, a fast-casual restaurant chain, and Nicole Portwood, most recently chief marketing officer of Salad and Go.
Portillo's didn't immediately reply to MT Newswires' request for comment.
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