Penn Station East Coast Subs on Friday announced to key promotions within its executive team.
Former president Craig Dunaway has been promoted to the role of chief operating officer — a new position for the brand — and former senior vice president of operations Lance Vaught will replace him as president, the company said.
The move better positions the fast-casual brand as it attempts to double in size, said Jeff Osterfeld, Penn Station’s founder and CEO.
“Penn Station is poised for major growth in the next five to seven years, and these promotions were warranted and necessary to ensure our great team can continue to support our franchisees and the brand while we grow,” said Osterfeld in a statement. “Craig and Lance have been with Penn Station for a combined 39 years and both have an excellent track record and are very well respected in the industry and the franchise community. I know franchisees, and the brand as a whole, are in great hands as we move toward eventually having 600 locations.”
Dunaway joined the Milford, Ohio-based fast-casual chain in 1999 as president. Before joining Penn Station, he was a partner in regional accounting firm McCauley, Nicolas & Company LLC, and he previously was an owner of Papa Johns franchise locations. He was also a Penn Station franchisee.
In his new role, Dunaway has been tasked with almost doubling the 310-unit chain in size. Last year, the company brought in a new vice president of development and strategy, and in 2019 implemented a new menu and restaurant design.
“We’re already seeing success from these strategic moves, and we have now aligned our entire team to support our aggressive growth,” he said in a statement.
Vaught joined Penn Station in 2006 as an area representative, and he climbed the internal ladder. He was named vice president of operations in 2016. In his new role, he will focus on day-to-day operations.
Through the pandemic, the chain has experienced record sales, he said, and about 100 new restaurants are in development.
“Now is the time to ensure we are providing both new and existing franchisees the same superior level of support that has positioned the brand so well over the last 37 years,” said Vaught in a statement. “It is a great time for the brand, and the future is incredibly bright.”
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