U.S. public companies faced a record number of shareholder activist campaigns last year and likely will eclipse that record in 2025—putting C-suites and legal departments under extraordinary pressure.
Last week, activist Engaged Capital went after Chicago-based Portillo’s, which operates 94 hot dog and Italian beef restaurants, publicly nominating two restaurant industry veterans for the board—Charlie Morrison, a former CEO of Salad and Go and Wingstop, and Nicole Portwood, a former chief marketing officer of Salad and Go. The Newport, California-based investor, which owns nearly 9% of Portillo’s stock, issued its press release after Portillo’s rebuffed its private overtures to add Morrison.