Lance Trenary took an exclusive job Jan. 1, when he became CEO of Golden Corral Corp.
He was, after all, only the third CEO in the Raleigh, N.C.-based buffet chain’s 43-year history, after founder James Maynard and longtime CEO Ted Fowler. The significance wasn’t lost on Trenary.
“When you’re following fellows like James Maynard and Ted Fowler, you have your work cut out for you,” Trenary said.
While Trenary acknowledged that this was a bit intimidating, he also said he is well prepared to lead the 501-unit chain. Over the previous 29 years, he worked his way up from manager of a single location in Mississippi to chief operating officer.
In 1985, Trenary had been managing a restaurant his family owned when a Golden Corral representative stopped by and gave a recruitment pitch.
Trenary had already heard about Golden Corral, and after closing the restaurant that night, he and his wife drove to Raleigh, where he interviewed for a manager position. He was offered a job on the spot and started as a partner/manager at a Golden Corral location in Brookhaven, Miss., in Jan. 1986.
At the time, the deal was a joint venture agreement. Trenary invested in the business and received a 20-percent stake and a share of profits.
He was ultimately brought into the corporation, working his way from director of operations to the senior management team, first as senior vice president of real estate and development, and, in 2000, as senior vice president of company operations.
In 2011, Trenary realized he was being groomed as Fowler’s heir apparent, and was elevated to chief operating officer. In the spring, he was sent to Harvard Business School to participate in its Advanced Management Program, an intensive, three-month management training program for senior business leadership.
Trenary lived in a dorm, attended classes six days a week, spent time away from his family and didn’t work. Fowler couldn’t even contact Trenary for work-related issues.
“It’s probably one of the most intense learning programs I’ve ever been through,” Trenary said. “It’s incredibly rewarding. It was just fantastic exposure. I knew at that point they were obviously committed to me.”
In 2013, Trenary was approached about replacing Fowler. Golden Corral requires its officers to retire when they turn 65, and Fowler would reach that age in 2014. Thus began a yearlong transition process in which Trenary gradually took on more responsibilities.
“On one hand, it certainly is [intimidating],” Trenary said. “I have so much respect for Ted and James and all they did in the industry. You’re a little bit in awe of them. But I do feel like, to Ted’s credit, he’s prepared me well. I’ve had the opportunity to do a lot of things in the company. It’s more a tribute to Ted’s leadership than anything.”
That transition and Trenary’s long experience with the company means little will likely change as far as the culture of the organization.
“The culture is not going to change,” he said. “There will be some change. I’m not the same leader Ted is. I do some things differently. But for the most part our brand is going to remain much the same from a culture standpoint.”
But that doesn’t mean some big changes aren’t on the horizon for the brand. Trenary said his priorities include strengthening the company’s promotional calendar and increasing innovation. Golden Corral currently has several tests to increase its value and add more customization.
For instance, the chain is testing a Mongolian grill-style station, where customers can pick ingredients and have an item made on the spot. Trenary suggested the idea could be expanded to other menu items, such as fajitas.
Hilighting healthful options
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Golden Corral is also testing smokers in the hopes of adding them to the back of restaurants to enable the concept to serve smokehouse-style products. “We’re learning how to smoke meat,” he said.
The company is also testing out table service — a big move for a buffet brand, but one that brings it closer to its initial conception as a steak house.
The chain is testing entrées made to order, priced at $5.99 to $7.99 at lunch and $7.99 to $9.99 at dinner, Trenary said. That would enable consumers to dine for a lower price point than the $11.99 at a traditional buffet, especially for those who don’t eat that much.
“We’re excited about this,” he said. “Golden Corral started in the entrée business. When I joined the company that was what we did. That’s why it’s in test. We’ll see if it resonates with the guests today.”
Trenary also discussed increasing communication surrounding some of the benefits of the Golden Corral buffet, including that the buffet enables customers to control their experience, and that has healthful options.
“We’re in a good position,” he said. “We have so many great, healthy items, with our steamed vegetables and our salad bar and low-fat grilled meats. Any type of dietary [restrictions] somebody might have, we have the opportunity to deliver that through the buffet experience.”
Contact Jonathan Maze at [email protected].
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