Overview

• Board chair Michael A. Miles Jr., a former Staples president and Pizza Hut COO, takes the role effective immediately as Michael Osanloo departs as president, CEO and director.
• Osanloo will serve as a special advisor to Miles and the board for up to 90 days to support the transition.
• The board formed a Search Committee of Paulette Dodson, G. J. Hart, Eugene I. Lee Jr. and Miles, and engaged an external executive search firm to identify the next CEO.
• Director Eugene I. Lee Jr., formerly CEO and later chairman at Darden Restaurants, was appointed Lead Independent Director for the transition period.
• The leadership change follows the company’s acknowledgment that recent performance fell short of expectations, coming after lowered guidance and a scaled‑back expansion plan reported earlier this month.