Portillo's Taps Darden's Kevin Kalicak as CFO, Awards $825K in Stock

Portillo's, the fast-casual chain known for Chicago-style Italian beef and hot dogs, is bringing in a top financial executive from one of the largest casual-dining operators in the country. The company said Tuesday it has named Kevin Kalicak as chief financial officer and treasurer, effective Sept. 7.

Kalicak, 49, spent 25 years at Darden Restaurants (NYSE: DRI), most recently as senior vice president of finance for Olive Garden. In that role he was responsible for financial oversight of a brand with more than 900 company-owned restaurants and roughly $5 billion in annual sales. His tenure at Darden spanned brand finance, business analytics, enterprise finance, and investor relations, giving him a broad view of how a large restaurant portfolio runs.

At Portillo's, Kalicak will oversee the entire finance organization, from financial planning and accounting to investor relations, internal audit, and supply chain. He reports to Brett Patterson, who became president and CEO of Portillo's last year and has been pushing the chain to refine its growth strategy.

"Kevin is a proven financial leader with deep restaurant industry expertise," Patterson said. "His experience leading high-performing finance organizations to support operational excellence and ultimately drive shareholder value will be instrumental as we strengthen our business and position Portillo's for long-term growth."

The company operates 100 restaurants across 11 states, all company-owned, and has been expanding its footprint beyond the Chicago area. The shift to a company-owned model with no franchising puts a premium on centralized financial discipline, something Kalicak practiced at Darden, which runs about 1,800 company-owned restaurants under Olive Garden, LongHorn Steakhouse, and other banners.

Kalicak's appointment comes with a one-time equity grant designed to keep him in place. The company will award him restricted stock units valued at $825,000 based on the closing stock price on Sept. 4. The RSUs vest ratably over three years, contingent on continued employment. The award was approved by the compensation committee under Nasdaq's inducement grant exception, Rule 5635(c)(4).

Darden, where Kalicak built his career, carries a mixed Alpha Score of 53 on AlphaScala's proprietary metric, placing it in the consumer cyclical sector. The score reflects the challenges of running a large casual-dining portfolio in a competitive labor and commodity environment. Kalicak's experience at a company with that exposure may prove useful as Portillo's navigates similar pressures while scaling.

Portillo's is known for its Italian beef sandwiches, char-broiled burgers, and chocolate cake, a menu that has earned a loyal following in its home market and beyond. The chain has been investing in new restaurants, a loyalty program, and a digital ordering platform. The hire of a CFO with experience managing a $5 billion brand suggests the company is preparing for a period of accelerated growth and, with it, the need for more sophisticated financial controls.

"I'm honored to join Portillo's at such an exciting point in the company's journey," Kalicak said. "Portillo's is a beloved brand with a passionate team and strong foundation for future growth. I look forward to partnering with Brett, the leadership team, and our restaurant teams to further strengthen the business and execute the long-term strategy."

Kalicak will also serve as treasurer. His start date of Sept. 7 gives him a few weeks to transition from Darden before taking over the finance function at Portillo's.